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13-Nov-2009 00:26

CharteredSC / Chartered takeover

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Chartered SemiCond

---3 mths ended Sep 2009---

Net Loss (S$M)---

-$10.35

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13-Nov-2009 00:23

Cacola / Cacola

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Cacola

---3 mths ended Sep 2009---

Net Loss (S$M)---

-$1.79

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13-Nov-2009 00:21

Anwell Tech / When it will move?

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AnwellTech

---3 mths ended Sep 2009---

Net Loss (S$M)---

$ (7.80)

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11-Nov-2009 00:06

Wee Hur / Wee Hur

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Wee Hur Holdings, the award-winning BCA Grade A1 builder and property developer, posted a two-fold jump in its net profit to $13.2 million for the nine months ended 30 September 2009, exceeding that of the entire FY2008 ($8.0 million) by 64%.

This increase in net profit came about on the back of an expansion in revenue by 81% to $161 million which is generated by a number of major projects with substantially higher contract value currently in their more matured or completed stage of work in progress.

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10-Nov-2009 23:58

Ezra / Ezra

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NOTICE OF A SUBSTANTIAL SHAREHOLDER'S INTEREST *

* Asterisks denote mandatory information

Name of Announcer *	EZRA HOLDINGS LIMITED
Company Registration No.	199901411N
Announcement submitted on behalf of	EZRA HOLDINGS LIMITED
Announcement is submitted with respect to *	EZRA HOLDINGS LIMITED
Announcement is submitted by *	David Tan Yew Beng
Designation *	Company Secretary
Date & Time of Broadcast	10-Nov-2009 19:12:15
Announcement No.	00164

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

>> PART I

1. Date of notice to issuer * 10-11-2009

2. Name of Substantial Shareholder * UBS AG

3.	Please tick one or more appropriate box(es): *
	Notice of a New Substantial Shareholder's interest. [Please complete Part II and IV]

>> PART II

1. Date of change of Interest 06-11-2009

2. Name of Registered Holder UBS AG

3. Circumstance(s) giving rise to the interest or change in interest # Others

# Please specify details

Deemed interests arising by virtue of (a) UBS AG having an interest, or (b) Section 7(4) or 7(4A) of the Companies Act in shares over which subsidiaries/affiliates of UBS AG have an interest, by reason of the ability to exercise voting discretion and to acquire/dispose of shares. Changes in the deemed interests have occurred as a result of transfer of shares for portfolio management purposes.

4. Information relating to shares held in the name of the Registered Holder

No. of Shares held before the change	31,677,400
As a percentage of issued share capital	4.82 %

No. of Shares which are subject of this notice	1,874,017
As a percentage of issued share capital	0.28 %

Amount of consideration (excluding brokerage and stamp duties) per share paid or received 0

No. of Shares held after the change	33,551,417
As a percentage of issued share capital	5.10 %

>> PART III

1. Date of change of [Select Option]

2. The change in the percentage level From % To %

3. Circumstance(s) giving rise to the interest or change in interest [Select Option]

# Please specify details

A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:

>> PART IV

1.	Holdings of Substantial Shareholder , including direct and deemed interest :

	Direct	Deemed
No. of shares held before the change	55,000	31,622,400
As a percentage of issued share capital	0.01 %	4.81 %
No. of shares held after the change	60,000	33,491,417
As a percentage of issued share capital	0.01 %	5.09 %

Footnotes

Attachments

Total size = 0
(2048K size limit recommended)

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01-Nov-2009 23:41

China Paper / China Paper

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China Paper
3 months ended Sep 2009

Net Profit (S$M)
Current 6.16 Previous 8.10 % Change -24.0

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01-Nov-2009 23:40

FSL Trust / FSL Trust - starting to see value in it

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FSL Trust
3 months ended Sep 2009

Net Profit (S$M)
Current 11.26 Previous 21.58 % Change -47.8

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01-Nov-2009 23:38

Great Eastern / Great Eastern Holdings Limited

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Great Eastern
3 months ended Sep 2009

Net Profit (S$M)
Current 33.60 Previous 135.20 % Change -75.1

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01-Nov-2009 23:37

MAP Tech / MapTech profit for 3rd qtr 2009 (+++)

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MAP Tech
3 months ended Sep 2009

Net Profit (S$M)
Current 1.17 Previous 5.52 % Change -78.8

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01-Nov-2009 23:28

CapLand Ascendas RE / Ascendasreit

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Ascendas Reit
Oct 20 close: $1.86
KIM ENG RESEARCH, Oct 20

IN line with expectations: A-Reit's net property income (NPI) in Q2 2010 grew 11.7 per cent y-o-y, underpinned by positive rental reversions and lower operating expenses. Distributable income grew 15.4 per cent y-o-y to $61.6 million while distribution per unit (DPU) declined 13.2 per cent y-o-y to 3.48 cents due to the dilutive impact of the equity cash calls this year. Of that, 1.94 cents has been paid on Sept 23, leaving 1.54 cents to be paid on Nov 26 (ex-date Oct 27).

The average occupancy rate for its total industrial portfolio size of 20.7 million square feet (sqf) dipped slightly to 96.8 per cent in Q2 2010 from 97.1 per cent in Q1 2010, but is still above the market's average of between 88 and 91 per cent. With more than half of the leases expiring in FY2010 being renewed, we expect portfolio occupancy to stabilise at the current level.

Positive rental reversions for its business park and high-tech industrial spaces showed signs of moderation in Q2 2010 and should taper off in H2 2010 as market rents are still on a downtrend. We expect flat NPI growth going forward as the annual step-up in rents of long-term leases and contribution from development projects should mitigate any softness in rental rates.

The management suggested that the values of potential acquisitions or development projects are likely to be in the range of $20-$50 million, which we believe are unlikely to impact earnings significantly. Assuming an optimal gearing of 35 per cent, A-Reit has debt headroom of $328 million for acquisitions. No significant changes to portfolio valuation are expected in FY2010.

A-Reit appears on track to beat our previous full-year DPU forecast of 12.7 cents. Our target price has been raised to $2.02 from $1.99 as we increased our earnings forecasts by 1.6-2.3 per cent, reflecting better-than expected margins. A-Reit has risen by 14 per cent since our initiation on Sept 3 and is almost fully-valued. We downgrade A-Reit to 'hold' but will look out for price weakness for re-entry below $1.85.
HOLD

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01-Nov-2009 23:26

CapitaCom Trust / CapitaComm

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CapitaCommercial Trust
Oct 21 close: $1.05
DMG & PARTNERS SECURITIES, Oct 21

Q3 2009 results above expectations: CCT reported Q3 2009 distribution per unit (DPU) of 1.85 cents. Annualised DPU came in at 6.9 cents, 10 per cent above our FY2009 forecast of 6.3 cents (6 per cent above the Street's 6.5 cents estimates). Net property income was up 15.5 per cent due to cost management measures and positive rental reversion, in particular, One George Street which chalked up an implied passing rent of about $12/sq ft, above our expectation of $9/sq ft.

Portfolio occupancy fell to 94 per cent: CCT saw a 2 percentage point fall in occupancy owing largely to the relocation of StarHub out of StarHub Centre in Q3 2009. Vacancy rate as a result for StarHub Centre shot up from 7 per cent to 34 per cent. Management said they are in talks with various tenants to re-let the vacant spaces. On a positive note, core properties like Capital Tower, Raffles City and Six Battery Rd, continued to enjoy almost 100 per cent occupancies.

Negative rental reversion expected: CCT's portfolio rents of $8.49/sq ft are above Q3 2009 spot rates of $7.50/sq ft. Our channel checks indicate that some landlords in prime areas are currently negotiating rents at between $6 and $7/sq ft, 20 per cent lower than Q3 2009 figures. Despite the economy being technically out of recession, it is clearly still a tenants' market and the focus on tenant retention remains paramount for all landlords including CCT. In our view, most office landlords will likely shift their focus on occupancy optimisation at the expense of rental rates, putting further pressure on rents in the coming quarters.

We maintain 'sell' on CCT, with our DDM-backed (dividend discount model) target price of $0.96. At current prices, CCT offers investors a dividend yield of 6.8 per cent for FY2010, compared to its historical yield of 5.7 per cent between 2005 and 2007. We view risk-returns on the counter as unfavourable and recommend investors to sell into strength. Our recommendation is also predicated on the subdued earnings visibility within the office space sector. Key risks to our rating and target price include a faster-than-expected recovery in the office sector.
SELL

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01-Nov-2009 23:24

CapitaCom Trust / CapitaComm

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CapitaCommercial Trust
Oct 22 close: $1.06
DBS VICKERS SECURITIES, Oct 22

AWAITING blue skies: CCT reported Q3 2009 results in line with our expectations. Gross revenues increased to $102.6 million (+10.9 per cent y-o-y) and net property income (+15.5 per cent y-o-y) as a result of continued positive rental reversions achieved at its portfolio.

As of Q3 2009, CCT's average portfolio rent increased by about 17 per cent y-o-y, 3 per cent q-o-q to $8.49 psf per month.

Distributable income came in at 21 per cent higher y-o-y to $45.9 million (+21 per cent y-o-y), translating to a distribution per unit of 1.85 cents.

Lowly geared. Balance sheet remains strong with gearing at 31.2 per cent, interest cover at a healthy 3.1 times. NAV per share stands at $1.49.

Leasing environment to turn challenging in 2010: With the office sector continuing to face a daunting supply level over the next three years, we expect the operating environment to remain soft in FY10-11F.

With average passing rents in FY10-11 higher than current asking rent levels, topline is expected to weaken from projective negative reversions during renewals.

We are downgrading our call to a 'hold', but lifted our target price to $1.02 on the back of lower cost of equity assumptions.

While the stock is trading at P/BV of 0.7 times, offering prospective FY10F-11F yields of 6.5 per cent, a muted office outlook is also likely to mean a lack of rerating catalysts for the stock in the near term from current levels.

As such, we downgrade to 'hold' on valuation grounds given the limited upside to our target price.
HOLD

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01-Nov-2009 23:22

FrasersComm / FrasersComm

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Frasers Commercial Trust
Oct 26 close: $0.155
PHILLIP SECURITIES RESEARCH, Oct 26

FRASERS Commercial Trust (FCOT) announced results for 9M FY2009, which is also the full year result for FY2009 because the financial year-end was changed from Dec 31 to Sept 30. For the three months ended Sept 30, gross revenue came in at $25.7 million (down 3.4 per cent y-o-y, up 13.3 per cent q-o-q), net property income was $20.0 million (down 0.6 per cent y-o-y, up 12.3 per cent q-o-q) and distributable income was $6.1 million (down 23.9 per cent y-o-y, up 10.4 per cent q-o-q).

Distribution per unit (DPU) for the quarter was 0.2 cents and total DPU for the nine months was 1.65 cents. Overall, financial performance was better in FY2008 compared to FY2009. In our opinion, the office market remains weak and should remain subdued at least in the next quarter. For FCOT, master leases of Alexandra Technopark and China Square as well as the annual rent increment of Caroline Chisholm provide stability to its revenue. We estimate this contribution to be approximately 46 per cent of FY2010F revenue. FCOT will also be drawing down its Australian dollar loan facility so as to create a natural hedge of its revenue contribution from Australia; this will then minimise foreign exchange uncertainty leading to greater stability of DPU.

As mentioned in our previous report, the repositioning of FCOT by management takes time to crystallise and we are now seeing plans being implemented. We roll forward our discounted-cash-flow valuation into FY2010F, which gives us a fair value of $0.17. Our DPU forecast for FY2010F is 1.11 cents, which translates to a dividend yield of 7.16 per cent. Our valuation has not factored in the conversion of the convertible perpetual preferred units whose conversion price is $0.2369.
HOLD

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01-Nov-2009 23:16

PacShipTr US$ / PST

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Pacific Shipping Trust
Oct 26 close: US$0.275
OCBC INVESTMENT RESEARCH, Oct 26

PACIFIC Shipping Trust (PST) posted a 39 per cent y-o-y increase in gross revenue to US$15.6 million and a 30 per cent y-o-y increase in distributed income to US$4.8 million. The gains were due to contributions from the two CSAV vessels acquired in 2008. On a q-o-q basis, revenue rose 1.1 per cent and distributed income fell 17.4 per cent. The trust will pay out 0.818 US cents per unit to investors. This is equivalent to 70 per cent of income available for distribution (Q2: 88 per cent) or 43 per cent of cash earnings (Q2: 48 per cent). PST outperformed our estimates for the quarter as we had already priced in rate concessions to charterer CSAV. But these discussions, which began in April, are still ongoing.

The board did not give any forward guidance for Q4 distribution per unit. The manager said it was not customary for PST to provide guidance, and last quarter's guidance for Q3 was only given because of the sudden drop in payout from 90 per cent to 70 per cent.

PST is describing the increased retention as a move to 'equip (it) with the financial flexibility to seize value-accretive opportunities' in the next 12 to 18 months. Potential targets include the offshore or chemical tanker asset class. At the briefing, the manager said the board will continue to review the necessity to retain cash based on market conditions and available opportunities.

Our take on these actions is a little different: the shipping sector is still in fairly rough shape, and negotiations with CSAV continue. The increased retention, in our view, is PST's attempt to build up a defensive war chest in case a negative outcome results. In fact, we don't believe PST is in any position to consider acquisitions until it can resolve the CSAV issue. We had previously assumed a 30 per cent rate cut on the two CSAV vessels in effect from Q3 2009. We are now stripping out this assumption in view of the uncertain quantum and timing of any rate concession. This does not mean we believe any action is less likely or less significant - if PST agrees to a renegotiation, it could open the floodgates. Its other charterer, sponsor Pacific International Lines, would be justified in also asking for concessions.

We now price in the renegotiation risk in our valuation: valuing PST at a 30 per cent discount to our discounted free cash flow to equity value for the trust (previously 20 per cent). We also assume the 70 per cent payout level continues. Maintain 'hold' with revised US$0.26 fair value (from US$0.27).
HOLD

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01-Nov-2009 23:07

Mercator Lines / Mercator Lines

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Mercator Lines: Hold

Mercator Lines HAS reported 2Q10 revenue of US$35m (-37% year-on-year-yoy) and net profit of US$10.2m (-59% yoy). The fall in spot market day rates and the renewal of long term contracts at poorer rates than previous rates caused the drop in revenue. Depreciation expenses rose 48% to US$8.3m as the number of vessels increased from 9 to 11. Net profit declined substantially mainly as a result of lower revenue and higher depreciation expenses.

Phillip 29/10/09

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