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19-May-2008 23:45

SoundGlobal / Epure International

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Peer:

Epure      CurrP:$0.56   P/E(ttm):20.90   Yield:1.19%

Hyflux      CurrP:$3.63 P/E(ttm):49.90    Yield:0.89%

Asia Env   CurrP:$0.44 P/E(ttm):9.49      Yield:2.27%

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19-May-2008 23:18

SGX / SGX

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We are projecting earnings of $460.5 million for FY2008 and $466.4 million for FY2009 (+9.4 per cent excluding one-off items). The stock has done well in the past two months, appreciating about 20 per cent since our March report. In the past few years, the stock has traded at a historical PE ratio of 26-30 times. This is well supported by very strong compounded earnings growth of 47 per cent from FY2004-2007.

With the improving sentiment, we are raising our valuation parameter from a conservative 21 times to 23 times, increasing our fair-value estimate from $8.80 to $9.60. At this level, yield is still attractive at 3.7 per cent. We are retaining our 'buy' rating for the stock.
BUY (BT)

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19-May-2008 23:16

Sakari / Straits Asia

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Summary: Straits Asia Resources (SAR) announced a 139% YoY increase in net earnings to US$20.1m in 1Q08 due to record coal production of 2.2mt in 1Q08. SAR has already committed and sold 7.9mt for 2008, which is in line with our initial projection of 8mt, and we are now raising our production target to 9mt. Current high coal prices should flow positively into SAR’s FY08 and FY09 revenues. On the cost side, we have already imputed present high prices of oil into our DCF valuations and we are holding our cost assumption of US$38 per ton for FY08. We are maintaining our net profit estimate of US$161m for FY08, based on the recent significant spike in coal prices coupled with the substantial increase in production estimates. However, we are lowering our projected coal price from US$80 to US$65 per ton as per management guidance. The drop in selling price offsets the revenue gain from the increase in production estimate, hence we are maintaining our BUY rating and target price of S$4.80. (OCBC)

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19-May-2008 23:12

Olam Intl / Ramping up its capex

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Olam International
May 16 close: S$2.92
DBS Group Research, May 16

EXCELLENT execution continues: Q3 2008 earnings were slightly above expectations, rising by 39 per cent y-o-y to $56 million on revenue growth of 52 per cent y-o-y to $2.4 billion. For 9M 2008, Olam's bottom line rose by 31 per cent y-o-y to $103 million, as the top line expanded by 26 per cent y-o-y to $3.8 billion. The robust performance was led by broad-based growth that saw both volumes and net contribution per ton increase across all segments (excluding Queensland Cotton's results) on a y-o-y basis.

Looking ahead, this set of results not only reinforces our belief in the group's well-proven organic growth model, but also gives us increasing confidence in the management's ability to integrate acquisitions to further boost earnings growth. With Queensland Cotton likely to post a strong turnaround in FY2009 and with greater contribution from other acquisitions as well, Olam can look forward to even stronger growth ahead. We have raised our FY2008 earnings numbers by 6 per cent, kept our FY2009 numbers, and introduced FY2010 forecasts.

Olam continues to execute well on its expansion strategy and deliver on earnings growth. We reiterate our 'buy' call and our target price of $3.80, which is based on 30 times FY2009 PE, predicated on one time price earnings to growth. We are forecasting 31 per cent EPS compounded annual growth rate for Olam over FY2007-2010.
BUY (BT)

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19-May-2008 23:06

SingTel / Singtel Bullish???

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Mildly positive FY09 outlook. Going forward, SingTel is guiding for Singapore revenue to grow at mid single-digit, driven by its mobile and data business, despite a more cautious outlook for the global economy. Management also expects operating EBITDA to continue to grow and the margin to remain at around 40%. SingTel is looking to spend more on capex (expected mid-teen of operating revenue versus 10.6% in FY08), as it intends to beef up its mobile capacity for higher data usage and upgrade its fixed-line network for higher access speed. For Australia, SingTel is likewise looking at a similar growth rate, driven by mobile and wireless broadband services, although it may see some decline in its fixed-line revenue. Last but not least, SingTel still expects its regional mobile associates to grow at double-digit pace, albeit at a slower pace, mainly due to increased competition in Indonesia. Nevertheless, SingTel intends to raise its dividend payout ratio from 40% to 45-60% of its underlying net profit.

Easing fair value to S$4.29. Despite the mildly positive FY09 outlook, we believe that growing mobile competition is likely to put its margins under pressure. As such, even as we raise our FY09 revenue forecast by 8.6%, we are only inching up our underlying profit figure by 0.9%. We are also easing our fair value from S$4.35 to S$4.29, mainly due to the expected higher capex spending over the next few years. As the current price still offers a 15% upside, we retain our BUY rating. (OCBC)

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19-May-2008 23:05

Others / DOW

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May 19, 2008, 10.36 pm (Singapore time) (BT)
US leading indicators show weakness but no recession

WASHINGTON - The US economy is weak but has sidestepped a recession, according to a key forecasting gauge that rose for the second straight month in April, the Conference Board reported on Monday.

The private Conference Board said its Leading Economic Indicators index rose 0.1 per cent, after a matching increase in March, which was unrevised.

'These data certainly reflect a weak economy, but not one in recession,' Ken Goldstein, a labour economist at the group, said in a statement. 'Moreover, the small increases in the Leading Index in both March and again in April could be a signal that the economy may not weaken further.'

The Coincident Index, a measure of current conditions, was unchanged in April and March, while the Lagging Index rose 0.1 per cent in April and 0.4 per cent in March. -- REUTERS

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19-May-2008 23:00

PanUnited / PanUnited Moving??

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Pan-United has updated that its most recent contracts all have escalation clauses for fluctuations to pass on any raw material prices. This will be pegged to BCA's quarterly RMC price index which will be a slight laggard compared with a month-on-month fluctuation index that is privately negotiated between Pan-United and the buyer.

It will be expanding its fleet of seven pairs of tugs and barges to 15 pairs by Q2 2009, to cater to anticipated government legislation to source for raw materials from 'distant sources' compared with 'traditional sources' such as Indonesia and Malaysia. While all 15 pairs can be used to cater to in-house needs in transporting materials, we expect Pan-United to remain flexible and to use 50 per cent of its enlarged fleet while chartering the rest out to capitalise on strong charter rates.

We retain our FY2008 revenue forecast at $528.2 million and Patmi at $39.2 million as Pan-United rides the construction boom in Singapore. Our fair value stays at $1.03 based on DCF. At the current price, Pan-United is trading at an attractive 9.2 times FY2008 PE and 8 times FY2009 PE with dividend yield of 7.7 per cent. We maintain our 'buy' rating.
BUY (BT)

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19-May-2008 22:58

SingTel / Singtel Bullish???

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Single-digit growth in FY09: We see 3 per cent growth in Ebitda for Singapore and Optus, and 14 per cent growth (versus 24 per cent in FY2008) in associate contribution for FY2009. Overall, we see 8 per cent growth in the group's earnings in FY2009 and maintain 'hold' at a TP of $3.98.
HOLD (BT)

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14-May-2008 07:49

China Hongxing / China Hongxing, tp 1.47 - CIMB

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China Hongxing Sports
May 13 close: 68 cents
DBS Vickers, May 13

XI'AN Trade Show and store visit story: We had the opportunity to visit eight different China Hongxing stores within Xi'an city, including the 300 sqm flagship store, as well as the group's logistics centre for China's northwest region. We also attended its trade show for the upcoming winter season.

Point: China Hongxing has expanded its presence in Shaanxi province from almost zero two years ago to over 50 points of sales (DBS Vickers' estimate) currently and we believe the group has plans to add another 100 stores over the next two years to capture more market share in this emerging region.

At the same time, the recently set up logistics centre, which is also responsible for staff training and monitoring distribution and inventory sales as well as market research, should provide valuable support to the group's push in this part of China. We were also treated to China Hongxing's winter fashion show at its latest trade fair, where it was apparent that greater efforts were focused on the apparel and accessories segment than before. This is in line with the group's strategy of growing its apparel and accessories to 40 per cent of total revenue by end-2008, which is also underpinned by store upgrades and the opening of larger stores.

Relevance: This latest visit has reinforced our belief that China Hongxing continues to execute well on its distribution network expansion plans, which we believe will help consolidate its position as a top five domestic sports brand in China. Maintain 'buy', TP 90 cents based on 18 times FY09 earnings.
BUY

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12-May-2008 23:57

Others / PALM OIL STOCKS

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Last Updated: May 12 2008 6:05:00 PM

NAME	MONTH	OPEN	HIGH	LOW	BID	ASK	LAST	SETT.P	CHANGE	OI	VOLUME
FCPO	May 2008	3545.00	3591.00	3545.00	3500.00	3550.00	3591.00	3500.00	91.00	216	28
FCPO	Jun 2008	3592.00	3612.00	3550.00	3465.00	3565.00	3554.00	3554.00	0.00	5362	1,004
FCPO	Jul 2008	3600.00	3623.00	3555.00	3569.00	3570.00	3570.00	3570.00	0.00	19418	6,392
FCPO	Aug 2008	3600.00	3623.00	3560.00	3575.00	3578.00	3575.00	3575.00	0.00	9470	812
FCPO	Sep 2008	3600.00	3610.00	3600.00	3520.00	3585.00	3610.00	3567.00	43.00	1979	101
FCPO	Oct 2008	0.00	0.00	0.00	3520.00	3585.00	0.00	3557.00	0.00	13	0
FCPO	Nov 2008	0.00	0.00	0.00	3430.00	3585.00	0.00	3566.00	0.00	1702	0

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12-May-2008 01:04

Others / PALM OIL STOCKS

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Last Updated: May 09 2008 6:05:00 PM

NAME	MONTH	OPEN	HIGH	LOW	BID	ASK	LAST	SETT.P	CHANGE	OI	VOLUME
FCPO	May 2008	3390.00	3390.00	3390.00	3360.00	3565.00	3390.00	3431.00	-41.00	679	40
FCPO	Jun 2008	3465.00	3488.00	3439.00	3476.00	3489.00	3488.00	3488.00	0.00	5794	668
FCPO	Jul 2008	3465.00	3497.00	3444.00	3494.00	3496.00	3495.00	3495.00	0.00	19189	2,812
FCPO	Aug 2008	3463.00	3497.00	3444.00	3494.00	3495.00	3494.00	3494.00	0.00	8562	1,350
FCPO	Sep 2008	3479.00	3485.00	3453.00	3485.00	3586.00	3485.00	3486.00	-1.00	1780	216
FCPO	Oct 2008	3430.00	3430.00	3430.00	3330.00	3510.00	3430.00	3476.00	-46.00	13	10
FCPO	Nov 2008	3420.00	3485.00	3420.00	3485.00	3488.00	3485.00	3485.00	0.00	1707	15

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12-May-2008 01:01

SunVic Chemical / May Attempt 60 cts

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@Curr.Price $0.365 / est.FY08 EPS $0.1044

est.P/E ratio = 3.4961

@ $0.415 resistance / est.FY08 EPS $0.1044

est.P/E ratio = 3.9750

@ TP $0.49 / est.FY08 EPS $0.1044

est.P/E ratio = 4.639

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09-May-2008 00:05

SunVic Chemical / May Attempt 60 cts

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The BT press article very close to Consensus.Est.Trend from Reuters

est.FY08 Rev S$609.58mln

est.FY08 EPS S$0.1044

Published May 6, 2008

SME SPOTLIGHT

SunVic eyes 300m yuan profit this year

The company is now the largest producer of acrylic acid and acrylate esters in China and controls 20 per cent of the domestic market, its CEO tells OH BOON PING

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Mr Sun: SunVic's targets are achievable given demand for its products is growing and should continue to do so in the years ahead

Based in Jiangsu, China, the firm recently reported a near eight times jump in net profit to 73.7 million yuan, while sales doubled to 646.3 million yuan for the three months ended March 31.

Chief executive Sun Liping told BT the targets are achievable given demand for SunVic's products is growing and should continue to do so in the years ahead.

Listed last year, the group makes a product called PMIDA - or N-phosphonomethyl Iminodiacetic Acid - that is used mainly in the production of glyphosate, a weedkiller.

Rising fuel cost has led to greater demand for biofuel - and both glyphosate. As a result, PMIDA orders in North and South America have increased, Mr Sun explained.

Not surprisingly, PMIDA saw sales grow more than four times to 257 million yuan in the first three months of the year. Gross margin for PMIDA is 38 per cent.

SunVic also makes the intermediate chemical products acrylic acid (AA) and acrylate esters (AE), which are used to produce many everyday industrial and consumer products.

For example, AE is used in the production of surface coatings such as topcoats for cars, machinery, paints, plastic and self-adhesive envelopes.

Gross margin for the segment is about 4 per cent.

Mr Sun said SunVic is now the largest producer of AA and AE in China and controls 20 per cent of the domestic market. Its AA/AE customer pool numbers more than 500, including multinational corporations in China.

Major customers include Jiangsu Yinyan, Shanghai Kailun Trading, Nortox, Helm and Marubeni Specialty Chemicals.

In Q1 2008, SunVic's total gross profit more than tripled to 112.8 million yuan, with sales of AA and AE accounting for 13.8 million yuan, and PMIDA the lion's share of 98.8 million yuan.

Mr Sun said higher Q1 sales were achieved despite the severe snowstorm that affected the transport system in most of eastern and central China.

'In addition, Q1 has traditionally been a low season for our products, in particular acrylic acid and acrylate esters,' he said.

SunVic's plants are in the Chenjiagang Chemical Zone in Yancheng City in Jiangsu province.

'According to Chemical Market Associates (CMAI), a consulting firm specialising in the petrochemical industry, eastern China, where SunVic is located, accounted for 65 per cent and 50 per cent of China's AA and AE demand in 2005, respectively,' says a CIMB-GK report.

This year, SunVic expects to raise production capacity for PMIDA 50 per cent from the current 20,000 tonnes to 30,000 tonnes.

The firm has already pumped 50 million yuan into the expansion of PMIDA and AA & AE and will inject another 25 million yuan before the end of the year.

To control material costs, SunVic plans to set up a new plant to produce propylene - a key ingredient in AA and AE production.

The project is a joint venture between SunVic Chemicals and Mr Sun, who will contribute 90 per cent of the total cost.

Construction is under way, and the plant is expected to start operating next year.

Other growth strategies include research and development into new products and merger and acquisition opportunities.

CIMB-GK notes that economies of scale and improving efficiency will allow SunVic to tap the growing AA and AE demand.

Respective demand for the products is forecast to grow 16 per cent and 10 per cent a year between 2005 and 2010, it says. This 'should address the current over-capacity by FY09. SunVic stands to benefit with its larger scale, wider market reach and better efficiency'.

The research house expects sales and net profit to grow at a compound annual rate of 25 per cent and 19 per cent from FY07 to FY09 with the new capacity.

However, CIMB believes net profit growth could be lower than sales growth, largely due to higher raw material prices and higher selling and administrative expenses after SunVic's initial public offering.

In terms of industry outlook, CIMB believes there is over-supply in China's AA market in the near term but that the robust demand is likely to outstrip supply in FY09.

'According to CMAI, AA demand in China is projected to grow at 16 per cent per annum over 2005-2010,' CIMB says. 'Based on these estimates, management reckons that China's estimated 15-20 per cent over-supply should be resolved by end-FY08.'

In addition, SunVic's second-largest market, South America, is projected to grow 17 per cent a year over the same period.

'We expect demand for SunVic's products to remain strong due to its diversified sales base globally,' says CIMB.

SUNVIC Chemical Holdings aims to hit a net profit of 300 million yuan (S$58.3 million), plus sales of three billion yuan at the end of this year.

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08-May-2008 23:33

Delong / Delong

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1Q08 FS

Profit -73.4% (vs 07)

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_B925F27C193F37D0482574430015DE84/$file/1Q2008.pdf?openelement

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08-May-2008 23:24

Ho Bee Land / Riding High On The Sentosa Wave

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mistake .. shd be vs 07

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08-May-2008 23:23

Ho Bee Land / Riding High On The Sentosa Wave

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1Q08 FS

Net Profit -63.7% (vs 08)

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C45517E938282AAE482574430035E176/$file/HoBeeFSAnnouncement1Q2008.pdf?openelement

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08-May-2008 01:18

Asia Env / Asia Env 1Q'08 Net Profit Jump 95%

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if @ 0.55 the P/E(ttm)11.42 still look attractive.

Peer:
Asia Env   CurrP:$0.49    P/E(ttm):10.17      Yield:2.04% http://stocks.us.reuters.com/stocks/overview.asp?symbol=ASEN.SI

Epure        CurrP:$0.59      P/E(ttm):23.82   Yield:1.13% http://stocks.us.reuters.com/stocks/overview.asp?symbol=EPIL.SI

Hyflux       CurrP:$3.53      P/E(ttm):55.82    Yield:0.92% http://stocks.us.reuters.com/stocks/overview.asp?symbol=HYFL.SI

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08-May-2008 00:41

Others / PALM OIL STOCKS

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Last Updated: May 07 2008 6:05:00 PM

NAME	MONTH	OPEN	HIGH	LOW	BID	ASK	LAST	SETT.P	CHANGE	OI	VOLUME
FCPO	May 2008	0.00	0.00	0.00	2835.00	3345.00	0.00	3319.00	0.00	872	0
FCPO	Jun 2008	3382.00	3390.00	3350.00	3350.00	3367.00	3350.00	3350.00	0.00	7526	1,119
FCPO	Jul 2008	3390.00	3408.00	3352.00	3352.00	3360.00	3355.00	3355.00	0.00	18270	4,115
FCPO	Aug 2008	3402.00	3405.00	3351.00	3350.00	3361.00	3351.00	3351.00	0.00	7210	560
FCPO	Sep 2008	0.00	0.00	0.00	3300.00	3400.00	0.00	3348.00	0.00	1779	0
FCPO	Oct 2008	0.00	0.00	0.00	3270.00	3485.00	0.00	3348.00	0.00	13	0
FCPO	Nov 2008	0.00	0.00	0.00	3260.00	3500.00	0.00	3341.00	0.00	1707	0

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08-May-2008 00:34

TIH / Transpac

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1Q08 FS

Profit/L -$1,231,000 (vs 2007 $7,770,000)

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_397828E04AFDB20C48257442002ED1A7/$file/TIH-Mar.pdf?openelement

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08-May-2008 00:30

StarHub / Starhub

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1Q08 FS

profit +6% (vs 07)

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_2D8746F6C4F5FFF8482574420032CD91/$file/PR1Q2008.pdf?openelement

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