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ASL Marine Holdings Ltd - Declares total dividend of 4 cents

Tan Jin San, 19 Aug 2009

FY2009 EARNINGS AT A GLANCE
Revenue: +9% to S$435.4 mln
Net Profit: +18% to S$71.1 mln
Operating Cashflow: -S$2.2 mln vs –S$33.1 mln
Dividends: 3 cents (final), 1 cent (special)

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Kim Eng

http://www.remisiers.org/research//mb%2020%20Aug.pdf
1) ASL Marine – FY09 Results (Rohan Suppiah 6432-1455)
Previous day closing price: $1.03
Recommendation: Buy (maintained)
Target price: $1.62 (maintained)
In line with expectations
ASL Marine posted a robust set of FY09 results – excluding a doubtful debt provision and impairment loss totalling S$7.6m, the numbers were bang in line. FY09 net earnings were S$71.0m, up 17.9% over FY08. Without disposal gains, however, earnings were flat at around S$41.0m. ASL proposed a final dividend of 3cts per share, unchanged from FY08.
Revenue driven by shipbuilding
Revenue for the group grew by 8.7% to S$435.4m, boosted mainly by its shipbuilding segment, which grew 10.5%. Shiprepair remained steady, while shipchartering grew by 9.4%. Overall margins have also been sustained, which is especially pertinent for shiprepair, which is facing difficult operating conditions in the current weak market environment.
Business conditions tough
ASL has managed to sustain its shiprepair revenues especially in the final quarter. However, while the number of ships repaired has increased, the average contract size has declined. Going forward, management says it needs to work harder in order to secure customers, but we believe that erosion in revenues and margins is inevitable.
No new shipbuilding orders since October
ASL has also not secured any new shipbuilding orders since October 2008, but is currently working on its existing orderbook of S$523m. Management’s reading of the market is that it does not expect to receive new orders until the credit situation improves. Under these conditions, we are conservatively not expecting any new shipbuilding orders and therefore factoring in a 60% decline in the segment’s revenue from FY12.
Still a BUY as it is undervalued

Ship chartering revenues will be propped up by the addition of 12 vessels, and better rates on timecharters, but these can be volatile. We are leaving our FY10 core net profit forecast unchanged at S$45m, for a YoY pick-up of 10%. ASL is still trading at compelling valuations of 6.8x FY10 earnings. We maintain our BUY recommendation, to our target price of $1.62, in line with peer average of 10x PER. Year End Jun 30

2008

2009

2010F

2011F

2012F

Sales (S$ m)

400.4

435.4

442.6

390.4

269.8

Pre-tax (S$ m)

69.8

83.9

54.5

55.0

48.4

Net profit (S$ m)

60.3

71.0

45.0

45.4

39.4

Core net profit (S$ m)

45.8

41.0

45.0

45.4

39.4

Core EPS (cents)

15.2

13.6

14.9

15.1

13.1

Core EPS growth (%)

10.3

(10.5)

9.8

0.8

(13.1)

Core PER (x)

6.8

7.6

6.9

6.8

7.9

Yield (%)

3.9

3.9

2.2

2.2

1.9

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Still below IPO price $0.51

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Be careful afternoon they will be some force sell

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SECOND QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT
FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2009
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALFYEAR
AND FULL YEAR ANNOUNCEMENTS
1(a) An income statement (for the group) together with a comparative statement for the
corresponding period of the immediately preceding financial year.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the second quarter and half year ended 30 June 2009
Second quarter ended 30 June Half year ended 30 June
2009
S$’000
2008
S$’000
Change
%
2009
S$’000
2008
S$’000
Change
%
Revenue 120,138 123,996 (3) 225,503 288,054 (22)
Cost of sales (108,088) (119,533) (10) (205,738) (276,092) (25)
Gross profit 12,050 4,463 >100 19,765 11,962 65
Other operating income 3,114 5,112 (39) 4,057 13,194 (69)
Fair value (loss)/gain on derivative financial instruments
(9,827)
9,236
(>100)
(16,568)
28,182
(>100)
Fair value gain/(loss) on financial assets at fair value
through profit or loss
505
(743)
(>100)
(723)
(937)
(23)
Administrative expenses (17,912) (11,356) 58 (32,640) (21,252) 54
Selling and distribution expenses (837) (589) 42 (1,482) (1,300) 14
Other operating expenses (481) (10,738) (96) (1,094) (12,206) (91)
(13,388) (4,615) >100 (28,685) 17,643 (>100)
Finance costs (14,434) (17,047) (15) (29,176) (35,111) (17)
Share of results of jointly controlled entities (20,651) 124 (>100) (21,033) 29 (>100)
Loss from ordinary activities before taxation (48,473) (21,538) >100 (78,894) (17,439) >100
Taxation (2,179) 19,745 (>100) (3,624) 21,661 (>100)
Net (loss)/profit for the financial period attributable
to equity holders of the Company
(50,652)
(1,793)
>100 (82,518) 4,222 (>100)
Other comprehensive income:
Gains/(losses) recognised directly in equity:
Equity share of fair value gain/(loss) on cash flow
hedge
273
3,004
(91)
(470)
2,033
(>100)
Fair value (loss)/gain on interest rate swap (6,979) 61,498 (>100) 12,749 68,043 (81)
Fair value loss on available-for-sale financial assets (8,850) (8,984) (1) (3,567) (12,849) (72)
Foreign currency exchange differences 94,612 (24,408) (>100) 156,956 (105,471) (>100)
Other comprehensive income/(loss) for the period 79,056 31,110 >100 165,668 (48,244) (>100)
Total comprehensive income/(loss) for the period
attributable to equity holders of the Company 28,404 29,317 (3) 83,150 (44,022) (>100)
(Loss)/earnings per share attributable to equity holders of the Company
- basic (0.53) cents (0.02) cents (0.86) cents 0.04 cents
- diluted (0.53) cents (0.02) cents (0.86) cents (0.05) cents
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_4D587E2660DF65944825760B0031FA7A/$file/Q2_09_GENS.pdf?openelement

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Tuesday, August 04, 2009, 09.29 PM

GENTING Bhd, Asia’s biggest publicly-traded casino operator, may open its S$6.6 billion (about RM16 billion) resort in Singapore before the end of 2009 and earn more than earlier estimated for the first year of operations, CIMB Investment Bank Bhd said.

The “quick pace” of construction could lead to a pre-2010 opening instead of early next year, CIMB said in a report today after a recent visit to the site in Singapore.

Genting may announce the resort’s opening date next month, it said.

The casino resort in Singapore is expected to generate S$690 million in earnings before interest, tax, depreciation and amortization in the first year of operations, more than twice CIMB’s previous estimate, CIMB said.

CIMB today raised its target price on Genting to RM9.40 from RM7.90. Shares of the company, based in Kuala Lumpur, gained 1.9 per cent to RM6.42 at 12:05pm, set to become the third-best performer on the Malaysian benchmark stock index today.

Genting’s Singapore project is one of two casino resorts the government has allowed to be built in the city-state as part of its goal to lure 17 million visitors and triple annual tourism revenue to S$30 billion by 2015. Genting Singapore Plc, partly owned by Malaysia’s Genting, said on June 25 the resort in Singapore is on track to open in early 2010.

Las Vegas Sands Corp, controlled by billionaire Sheldon Adelson, said on July 8 it will open its Singapore casino resort on schedule in January or February next year.

Justin Leong, Genting’s head of strategic investments and corporate affairs, didn’t reply to an e-mail or answer his mobile phone. - Bloomberg

$ 1.20

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DBS call buy

http://www.remisiers.org/research//gens280709%20buy%20DBSV.pdf

BUY S$0.835 STI : 2,576.66

(Reinstating coverage)

Price Target : 12-Month S$0.98

Reason for Report : Corporate update

Potential Catalyst: Casino license award, first mover advantage, recovery

in UK casinos

Analyst

Singapore Research Team +65 6533 9688

research@dbsvickers.com

New Starlet in Town

• Reinstating coverage with Buy, S$0.98 TP (sum-of-parts)

• Proxy to Singapore’s new casino market

•

Studios’ global brandLeverage on Genting’s strength in mass-market and Universal

• Potential first mover advantage

Proxy to Singapore casino market.

has the largest exposure to Singapore’s US$3b gaming marketGenting Singapore (GENS)

(

Sentosa

gaming market, rising regional tourism and leverage on

Singapore’s transformation into a global city.89% of SOP, virtually 100% of 2011 EBIT). Resorts World at(RWS) can tap on Singapore’s existing domestic

Synergistic partnership: Genting+Universal Studios.

gaming revenue to come mainly from the more resilient and

higher-margin grind segment (60:40 grind-VIP distribution,

almost similar to Genting’ 70:30). Universal Studios should

help draw in the mass-market to RWS - differentiating it from

Marina Bay Sands’ MICE/business visitors focus as well as help

diversify revenue base (non-gaming: 25-30% of revenue).We expect

Potential first mover advantage.

expected, possibly in Dec 09/ Jan 10 to coincide with the

Chinese New Year peak season. It could overtake Marina Bay

Sands (launch postponed to 1Q10 from end-09) - an

advantage in locking in local market share (S$2,000 annual

pass in lieu of S$100/entry to be paid by Singaporean residents

is exclusive to one casino). RWS’ construction is on-track: 71%

of project cost has been awarded to date with testing/

commissioning of ride equipments scheduled for Nov 09.RWS could open earlier than

Potential catalysts:

fulfilled requirement of >50% commitment spending and GFA

construction), b) announcement of exact soft opening date, c)

encouraging response for hotel bookings, and d) recovery in

UK casino operations.a) Award of casino licence in 4Q09 (already

Sum-of-parts of S$0.98,

on DCF assuming 7.8% WACC, 1.5% long-term growth). We

expect RWS to be profitable in the first year of operation and

earnings to grow at a 5-year CAGR of 37% (assuming no. of

tables increase progressively from 500 to 1,000).

valuing RWS at S$0.87/share (based

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Today DBS Group Research

BUY S$0.67

Price Target : S$ 0.82 (Prev S$ 0.60)

At a Glance

• Net earnings up 11% yoy to S$8.5m, in line with

expectations

• Forecasts maintained, expect rail-related contract wins in

coming months

• S 0.25cts dividend declared (1Q08: S 0.5cts)

• Maintain BUY, TP raised to S$0.82, based on 15x

FY09/FY10 earnings.

Comment on Results

Midas reported 1Q09 earnings that were in line with expectations, as

earnings rose by 11% yoy to S$8.5m. Whilst revenue declined by 13%

yoy, due mainly to lower ASPs for their aluminium extrusion products as

a result of lower raw material prices and lower contribution from the PE

pipe business. Gross profit still rose by 2% yoy to S$13.2m as G.P.

margin improved to 42% from 36%. Railway related projects

accounted for nearly 70% of total revenue. Otherwise, despite

associate NPRT reporting a small loss, lower operating costs and lower

taxes helped lift net earnings to 11% growth.

Operating cashflow was a healthy S$15m and the Group invested a

further S$16m to expand its capacity and capabilities. Company

remains in a net cash position.

Recommendation

Looking ahead, we expect Midas to win more rail-related projects in the

coming months as China executes on its infrastructure projects.

Potential projects up for grabs include the Beijing-Shanghai high-speed

railway line and metro projects in Shanghai, Hangzhou, Guangzhou

and Xi ‘an. We also expect a stronger contribution from NPRT, which

had no deliveries scheduled in 1Q, but has a backlog of 768 train cars

to be delivered from 2H09 onwards.

Maintain BUY, target price raised to S$0.82, as we raise our valuation

multiple to 15x FY09/FY10 earnings for Midas, still at a 25% discount to

HK-listed CSR Zhuzhou Times Electric, which has been re-rated strongly in

recent weeks to 20x FY09 PER.

ANALYST: Paul Yong CFA +86 21 6888 3372 paulyong@dbsvickers.com

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Announcement Today

MIDAS’ 1QFY09 NET PROFIT INCREASES 11.2% TO S$8.5 MILLION

- Revenue declined 13.1% due mainly to lower average selling prices of aluminium extrusion profiles as a result of falling raw material costs

- Gross profit margin improved from 36.0% to 42.1%

-

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_683F2137779D8B07482575B5002D1286/$file/NewsRelease-1QFY09.pdf?openelement

As at March 31, 2009, the Group has a strong cash position of S$42.7 million – a 31.8% increase from its cash balances as at December 31, 2008, and a healthy gross gearing ratio of 14.6%, putting it in good stead to finance future investments and working capital. As a gesture of appreciation to its shareholders, the Group has declared a first interim dividend of 0.25 Singapore cents per ordinary share

Outlook

Besides its core business, Midas has a 32.5% equity stake in a Sino-foreign joint venture, Nanjing SR Puzhen Rail Transport Co., Ltd, to engage in the development, manufacturing and sale of metro trains, bogies and their related parts.

In September 2007, Midas’ Aluminium Alloy Division was named "2007 China’s Top Brand" by the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China ("AQSIQ") (国家质量监督检验检疫总局). Midas was also named a Forbes Asia’s Best Under A Billion Company consecutively for three years from 2006 to 2008. Under the PRC government’s RMB4 trillion stimulus package, which has a strong focus on rail infrastructural development, many new railway projects are being planned across the country. In addition, many PRC cities have plans to build mass rapid transit systems to ease traffic congestion. Midas is a direct beneficiary of the PRC government’s planned investments in the rail transportation industry, with demand for aluminium alloy extrusion profiles expected to increase significantly in the medium term. Declares first interim cash dividend of 0.25 Singapore cents per ordinary share

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CHINA ZHONGWANG

(HKSE: 1333.HK) Today trade at 7.09 - 7.32

now is HK$7.13 ==> S$ 1.35

http://finance.yahoo.com/q?s=1333.hk

The stock is you up I up .

stock alway follow the same

Like DBS Went up , OCBC ,UOB also follow up.

when the same trade company up other also up

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today MIDAS HLDGS LIMITED Announcement

Final Dividend (one-tiere xempt) of 0.25 cents per ordinary share for the financial year ended 31 December 2008

http://www.sgx.com/wps/portal/marketplace/mp-en/listed_companies_info/company_announcements

Record Date * 04-06-2009

Date Paid/Payable (if applicable) 25-06-2009

tomorrow up up $ 1.00

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CHINA ZHONGWANG

CLOSE PRICE HK$7.07 ==> S$ 1.46 UP BY 0.39 CENTS

YOU UP I UP MIDAS UP UP UP ALSO

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CHINA ZHONGWANG

move up to HK$ 7.03

YOU MOVE I MOVE UP UP

MIDAS ALSO MOVE UP

http://finance.yahoo.com/q?s=1333.hk

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China Zhong Wang IPO PRICE HK $7 = S$1.32 first day OPEN at Hong Kong exchange 6.93 high closing at HK$ 6.63 = S$ 1.23 MIDAS today 0.65 high low 0.59 Look good Next week can go up to 0.75 -- $ 0.85 http://www.caihuanet.com/finetnews/200905/t20090508_756650.shtml 　也有人士认为，中国忠旺目前的定价还是很有吸引力的，其市盈率基本上处于合理水平。按照同类行业、更多元化业务的新加坡上市公司Midas Holdings市盈率为11.5倍，处于忠旺的下游生产商如中国南车、中交建及中铁建的市盈率则在16倍至19倍之间。中国忠旺接近11倍的市盈率介乎Midas Holdings及下游厂商之间，目前价位也算合理。 http://www.caihuanet.com/zhuanlan/meiti/cs/200905/t20090508_755111.shtml

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WHAT MIDAS MOVE UP TODAY .0.62...TOMORROW .0.74 ..0&5.. s$ 1.20

IPO PRICE HK $6- $8.8 =< SG$ 1.20 --S$ 1.66

Aluminum-products manufacturer China Zhongwang Holdings raised US$1.26 billion in the world's largest initial public offering (IPO) so far this year,

LISTING ON HONG KONG

Chinese aluminium group launching biggest global IPO to date

New mining listing? Tough mining markets? Yes and no: think China Zhong Wang, a big producer of aluminium.

Author: Barry Sergeant
Posted: Monday , 20 Apr 2009

JOHANNESBURG -

Mining companies around the world have so far in 2009 raised nearly USD 60bn, all of it completely outside any banking system/s, but to date none of the capital has come in by way of an IPO (initial public offer), which entails a new listing. Today China Zhong Wang, the aluminium division of holding company Liao Ning Zhong Wang Group, started marketing for its planned 8 May listing in Hong Kong, that would involve raising up to the equivalent of USD 1.6bn, equal to 26% of its enlarged capital.

If the stock lists at that valuation, its full value would be USD 6.6bn, which would rank China Zhong Wang as the third most valuable listed specialist aluminium stock, after

Chalco, with a market value of USD 15.6bn, and Alcoa, which currently carries a market value of USD 9bn. Russia's Evraz, which, like Alcoa, tends to rank itself as the world's biggest aluminium entity, remains unlisted. Then again, Rio Tinto Alcan markets itself as "the global leader in the aluminium industry".

Should China Zhong Wang succeed in its IPO, at the kind of price level it is suggesting, this would be the world's biggest IPO in the year to date, across all global equity sectors. Aluminium, however, is the least recovered of the base metals, given a stubborn composite refusal by the global sector to amend supply in line with changed demand conditions.

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=82069&sn=Detail

http://www.zhongwang.com/

http://www.hkexnews.hk/index.htm

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swiber go go go up up. 0.49 -- one week ---0.56--after 8 days --- 0.71.

I have sell of half of my share make $ 1000. , and I buy in Midas . the smae Aluminium manufacture listing in Hong Kong IPO PRICE HK $ 8.80 = > SG$ 1.66.

WHAT MIDAS MOVE UP TODAY . .0.74 ..0&5.. s$ 1.20

Aluminum-products manufacturer China Zhongwang Holdings raised US$1.26 billion in the world's largest initial public offering (IPO) so far this year,

LISTING ON HONG KONG

Chinese aluminium group launching biggest global IPO to date

New mining listing? Tough mining markets? Yes and no: think China Zhong Wang, a big producer of aluminium.

Author: Barry Sergeant
Posted: Monday , 20 Apr 2009

JOHANNESBURG -

Mining companies around the world have so far in 2009 raised nearly USD 60bn, all of it completely outside any banking system/s, but to date none of the capital has come in by way of an IPO (initial public offer), which entails a new listing. Today China Zhong Wang, the aluminium division of holding company Liao Ning Zhong Wang Group, started marketing for its planned 8 May listing in Hong Kong, that would involve raising up to the equivalent of USD 1.6bn, equal to 26% of its enlarged capital.

If the stock lists at that valuation, its full value would be USD 6.6bn, which would rank China Zhong Wang as the third most valuable listed specialist aluminium stock, after

Chalco, with a market value of USD 15.6bn, and Alcoa, which currently carries a market value of USD 9bn. Russia's Evraz, which, like Alcoa, tends to rank itself as the world's biggest aluminium entity, remains unlisted. Then again, Rio Tinto Alcan markets itself as "the global leader in the aluminium industry".

Should China Zhong Wang succeed in its IPO, at the kind of price level it is suggesting, this would be the world's biggest IPO in the year to date, across all global equity sectors. Aluminium, however, is the least recovered of the base metals, given a stubborn composite refusal by the global sector to amend supply in line with changed demand conditions.

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=82069&sn=Detail

http://www.zhongwang.com/

http://www.hkexnews.hk/index.htm

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Tomorrow ChinaHongXing go up 0.25
CHINA HONGXING SPORTS LIMITED
(Incorporated in Bermuda)
__________________________________________________________________________
CONVERSION OF 9,608,000 REDEEMABLE NON-CUMULATIVE CONVERTIBLE
PREFERENCE SHARES (‘RCPS’) AT A CONVERSION PRICE OF S$0.25 PER ORDINARY
SHARE
The Board of Directors of CHINA HONGXING SPORTS LIMITED (the ‘Company’) wishes to
announce on the mandatory conversion of an aggregate 9,608,000 RCPS of HK$0.01 each in the
capital of the Company to 48,040,000 ordinary shares of HK$0.02 each in the capital of the
Company at a conversion price of S$0.25 per share, held by the following RCPS holders:-
OCH-ZIFF Capital Management US Sports, Ltd. (‘OZ US’);
OCH-ZIFF Capital Management Asia Sports, Ltd. (‘OZ Asia’); and
OCH-ZIFF Capital Management Specials Sports, Ltd. (‘OZ Specials’).
Pursuant to the Subscription Agreement dated 13 April 2006 between the Company and (1) OZ
US; (2) OZ Asia; (3) OZ Specials; and (4) CIM VII Limited, the Company has allotted 48,040,000
new ordinary shares of HK$0.02 each in the capital of the Company (‘New Shares’) to the Central
Depository (Pte) Limited (for credit into the securities account of each of OZ US, OZ Asia and OZ
Specials) and such New Shares shall rank
ordinary shares of the Company.
The Company has applied to the Singapore Exchange Securities Trading Limited for listing and
quotation of the New Shares on 21 April 2009.
Following the issue of the New Shares, the number of issued and paid-up ordinary shares of the
Company has increased to 2,800,000,000 ordinary shares of HK$0.02 each.

Submitted by Denis Wu Rongzhao, Chief Executive Officer and Executive Director to the

SGX-ST on 20 April 2009.pari passu in all respects with the existing issued

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Next week avoid Big cap STI Index stock . sell Big buy small.

Next week test 1850 -1800 >50 %

or test 2000> 50%

If the company report No good

x 1

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World economy expected to pick up before US mid-term elections, says MM Lee
when econcomy pick up , the bank stock up up , property up up , oil price up up , spc up up , oilfiled company up also , kepcorp swiber ,

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Today Phillip security research
Technical Analysis –
STI Displaying Strong Momentum
Thursday, 16 April 2009
The equity market is rallying strongly on its own steam. When the US Dollar weakens,
causing commodities to strengthen, the strong commodity market should push
equities even higher. STI is displaying strong momentum but will soon approach the

intermediate term high on the weekly charts at 1950 to 1960. The STI will almost

certainly see a reaction at this region and we caution investors regarding this.

http://www.remisiers.org/research//tech041609.pdf