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29-Jul-2010 12:15

Genting Sing / GenSp starts to move up again

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ALL WARRANT HOLDERS MADE GOOD PROFITS ?

Macquarie Genting Warrants

Trading Call Warrants (Short term bullish view)
GentingSMBLeCW101102 (LD3W) exercise price $0.950.*
GentingSMBLeCW100903 (K1TW) exercise price $1.10.*
GentingSMBLeCW101203 (LQ4W) exercise price $1.25.*

Long Dated Warrants (Long term bullish view)
GentingSMBLeCW120402 (J2UW) exercise price $1.15.*

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29-Jul-2010 12:08

Genting Sing / GenSp starts to move up again

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Yesterday, Genting Singapore's competitor Marina Bay Sands (not listed) reported its 2Q10 result, which showed strong EBITDA and may lend an insight to Genting Singapore's earnings, due to be released mid August. Below are some of the comments Macquarie Research Singapore (MRE) makes of the results...

US$216m revenue in 65 days
MBS reported US$216.4m net revenue for the 65-day period of trading, and US$94.5m EBITDA. Normalising for a lower win rate, normalised revenue was US$242.4m. This annualises to US$1.36bn revenue and US$530m EBITDA. Casino revenue was US$190.8m or 88% of total. Based on our analysis of the industry, the revenue is rather short of expectations, but the EBITDA was in line with the company's previous comments. The EBITDA margin was higher at 44%.

Rolling chip (VIP) made up 44% of total casino win
This is in line with MRE's expectation that the Singapore market is about 50:50 VIP:mass. The win rate was 2.18%. On a normalised basis, assuming 2.7-3.0%, casino revenue would have increased US$20-32m.

Sentosa appears to have 60-63% market share
The daily normalised revenue of S$4.8m is somewhat smaller than MRE's expected S$7-8m for Sentosa. Based on these numbers, Sentosa is taking 60-65% market share. This is in line with MRE's table counts.

MRE targets $1.40 on Genting
MRE maintains their Outperform rating on Genting Singapore. The Singapore gaming market is ramping up nicely at an estimated US$3.3-3.6bn annualised. Profitability appears to be high given MBS' 44% EBITDA margin, which is higher than MRE's 35% assumption for Sentosa. MRE has a 12-month target price of S$1.40 for Genting Singapore PLC based on DCF, or implied EV/EBITDA target of 13x 2011E.

Macquarie Genting Warrants

Trading Call Warrants (Short term bullish view)
GentingSMBLeCW101102 (LD3W) exercise price $0.950.*
GentingSMBLeCW100903 (K1TW) exercise price $1.10.*
GentingSMBLeCW101203 (LQ4W) exercise price $1.25.*

Long Dated Warrants (Long term bullish view)
GentingSMBLeCW120402 (J2UW) exercise price $1.15.*

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29-Jul-2010 12:02

SMRT / SMRT

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Many of the TV programmes on Singapore Channels

are FREE on the INTERNET.

They are ALL two years' OLD productions in 2008.

including the REVEALING THE MAGICIAN's CODE.

just WONDER

if MEDIACORP got to broadcast these programmes for FREE TOO ? ? ? ?

Is Singapore's TV programmes 3rd CLASS ? ? ? ?

Even during our Chinese New Year and all Public Holidays

we are broadcasting old OLD REPEATED programmes ? ? ? ?

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29-Jul-2010 11:47

SMRT / SMRT

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‘Third-class citizens’ comment

draws criticism from Netizens

AL ICIA WONG

alicia@mediacorp.com.sg

SINGAPORE

Those three words posted on the People’s Action Party (PAP) Facebook page by a grassroots leader have drawn sharp criticism from scores of Netizens.

This latest cyber-storm comes just a month after another PAP activist drew flak for another online posting — about renting out his HDB flat and living in a private property.

Political watchers suggested that these two incidents in quick succession have raised the question of whether the ruling party ought to perhaps keep a closer eye on comments posted online by those seen as linked to the PAP.

In the latest incident, grassroots leader Jack Lin, responding to a post on the PAP Facebook page, commented: “We got first-class ministers and Government, but still got third-class citizens.”

That comment led several Netizens to label the grassroots leader “narrowminded” and “downright arrogant”.

On Tuesday night, the general secretary of Joo Chiat Community Club Youth Executive Committee told MediaCorp that his intention was “to relay the fact that certain people, hiding behind the curtain of anonymity, posting irresponsible comments and insulting others, were having the conduct of ‘third-class’”.

Mr Lin, who described himself as an entrepreneur, said that he was “just a volunteer and activist” with the Young PAP (YP).

He also apologised for any “misinterpretation” caused. He added that he would “take steps to be more careful with (his) choice of words”. His posting has since been removed.

When contacted, YP vice-chairman Zaqy Mohamed said it could be “damaging” when people try to associate activists’ personal views as representing the party, so there would be steps taken to educate members, especially younger ones, about online engagement and what they should not do when defending their positions.

Mr Zaqy revealed that YP leaders have been told to remind members who are active online to “practice restraint, be responsible in what they say and have some respect for others as well.” He added: “It’s a constant reminder.” It would be “tough”, however, to keep a closer watch, given PAP’s large membership base, said Mr Zaqy, who is also head of the Government Parliamentary Committee (GPC) for Information, Communications and the Arts.

When asked about the latest brouhaha, coming ahead of the next General Election, deputy chairman of the GPC, Mr Baey Yam Keng felt that regardless of whether the polls were drawing near, “the ability to communicate well is a critical skill” and the ruling party ought to continue its online engagement.

The KEY is to learn from mistakes, he said. “I hope people will be able to give (younger members) space to grow and learn. The LAST THING we want is people who are scared to express their views.”

When asked about the political impact of such online posts, former Nominated Member of Parliament Zulkifli Baharudin said: “The job as a party member is to make sure you don’t add to unnecessary confusion and rumours going on ... So the party has to be a bit more careful.”

Activists should focus on “serious issues”, rather than just on countering rumour-mongers, Mr Zulkifli added.

However, Mr Zaqy had a different view. He believes that certain rumours should not be ignored, such as the reason for the recent floods, and in such cases, “we do need to engage the various platforms, online and offline, as far as possible”.

“To some extent, there is an external network we can consider tapping — your activists, your grassroots, your other channels that could further reach out to members of the population.”— Third-Class Citizens.

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29-Jul-2010 11:27

Genting Sing / GenSp starts to move up again

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Tender Grass

PiCked Up by

OLD BULL(s)

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29-Jul-2010 11:21

Genting Sing / GenSp starts to move up again

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Genting Singapore

is a

SWEET YOUNG THING [SWT]

with MANY MORE SPRINGS

to BLOOM

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29-Jul-2010 11:16

Genting Sing / GenSp starts to move up again

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SIA PRiCE was flying High in 2009 when it was STiLL losing mOney . . . .

For a LOSS company, that 2009 PRiCE was VERY VERY HiGH . . . .

niuyear ( Date: 29-Jul-2010 11:13) Posted:

Ｐｈａｒｏａｈ８８，　ｙｏｕｒ　ｑｕｏｔｅ　：

＂＂＂＂＂＂＂＂＂＂＂SIA PRiCE was flying when it was STiLL losing money . ＇＇＇＇＇＇＇＇. .

SIA where got lose money?

pharoah88 ( Date: 29-Jul-2010 11:09) Posted:

In an OPEN COMPETITIVE FREE MARKET,

even Warren Buffett, CitiGroup, AiG, BP

could nOt determine and HOLD their DESIRED PRiCES . . . .

bUt, in a "BONSAI" market,

MARKET MAKER determines and HOLD their DESIRED PRiCES . . . . . . . .

- SIA PRiCE was flying when it was STiLL losing money . . . .

- NOL PRiCE had DOUBLED when it is STiLL submerged in LOSSES . . . .

- Informatics PRiCE BUBBLED frOm S$0.050 to S$0.125 when its FUTURE is STiLL dIre . . . .

- Bund Centre PRiCE FOAMED frOm S$0.250 to S$0.625 when its buildings are Old and Haggard . . . .

- Singapore Banks' PRiCES INFLATED despite their Growth Limit is up to AGE without further prospects . . . . .

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29-Jul-2010 11:13

Genting Sing / GenSp starts to move up again

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flOOd FestIval 2010

just befOre YoG

alooloo ( Date: 29-Jul-2010 10:50) Posted:

should be mid or late August.

Still a few weeks time... hard to tell... how much movement (or volatile) can this stock be....

but i believe, report should beat estimation...

so many months or record visitors to singapore.... do you really think they come here to watch "orchard river" ?

sbkm999 ( Date: 29-Jul-2010 10:29) Posted:

haha..tis few wks?

may i know when its quarter report out? soon?

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29-Jul-2010 11:09

Genting Sing / GenSp starts to move up again

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29-Jul-2010 10:38

Straits Times Index / STI to cross 3000 boosted by long-term investors

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A leadership challenge for chief executives

PM: Setting tone for workplace culture among ways to upgrade productivity

S RAMESH

rameshs@ mediacorp.com.sg

SINGAPORE

So before Singapore can make the productivity jump, companies here must have “enormous flexibility” on three counts:

Skills, wages and mindsets.

And it is largely the responsibility of business leaders and chief executives to put these in place, Prime Minister Lee Hsien Loong said yesterday.

Speaking at a conference organised by the Singapore National Employers Federation (Snef), Mr Lee said: “You set the strategic direction for your companies, identify new markets and business opportunities, and keep operations running smoothly and efficiently.

“You provide the corporate framework within which your employees can work hard, learn new skills and be individually productive. You set the tone for how open the workplace culture is, and how closely your firms engage with unions and employees. Your leadership is vital for upgrading productivity in your companies.”

Besides calling on employers to support skills training, so workers can be flexibly deployed, Mr Lee urged them to ensure wages stay flexible even though the economy is expected to achieve record growth this year.

“We shouldn’t lock in higher wages which may be justified this year, but which will cause us difficulties if conditions change, which at some point, they surely will. Wage settlements should also factor in the extra 1 per cent in the CPF,” he said.

Mr Lee described the 13-percent jump in productivity as just a cyclical increase, saying "(we) must raise our productivity on a sustained basis".

Snef president Stephen Lee said he is already concerned that wages are being driven up in a tight labour market. But, he said, there are ways to pay different incentives, through bonuses and monthly variables, so that the permanent part of the wage cost is not driven up excessively.

In the long term, the third pillar needed to improve productivity — flexible mindsets — is the “most basic and critical” element that bosses need to tend to, stressed Mr Lee.

“Workers will adopt flexible mindsets only when there’s high trust within the firm. They’ll go the extra mile for the company only when they’re confident that management will uphold their end of the bargain, and not forget workers’ sacrifices in bad times when things improve later,” he said.

“You have to engage your workers and unions, communicate your strategies as well as concerns, explain what they mean for individual workers, and of course deliver on your promises. Only then will workers be ready to follow your lead into new areas of work. And only then can your companies thrive in a rapidly changing world.”

In line with this, Snef will run seminars with the Singapore Management University under a new initiative, Productivity and Trust Leadership, aimed at CEOs. There will also be workshops to help SMEs to hire, retain and develop talent.— Negative growth one year, more than 10 per cent the next — this kind of environment will have a huge bearing on the productivity drive here.

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29-Jul-2010 10:14

YZJ Shipbldg SGD / Good News for Yangzijiang

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Where is the CRUiSE CAPTAiN nOw ?

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29-Jul-2010 10:09

Genting Sing / Genting SP Next Move

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sO DMG STiLL bUyIng ?

UNtiL S$1.45 ?

hpong5 ( Date: 28-Jul-2010 15:38) Posted:

Deutsche Bank partly owns DMG and majority of orders are filled by DMG. Think about it. Remember GS's target.

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29-Jul-2010 09:53

User Research/Opinions / ShareJunction Trading Discussion Hub

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Since it is TiGHT nOw,

What is your OpiniOn on the four Shipping Trusts ?

- Singapore Shipping Corporation

- First Ship Lease

- Rickmers Marine Trust

- Pacific Shipping Trust [USD]

KEahzq ( Date: 20-Jul-2010 09:38) Posted:

Shipping:

Singamas Container Holdings, the world's 2nd biggest maker of container boxes, commented prices will rise as much as 9% by end-2010 as shippers struggle for containers amid rebounding global trade.

The price of a standard TEU has already risen 50% YTD and it may climb to approx US$3,000 as early as Dec 10.

It believes that the global dearth of containers may persist for as long as 2 years as box-makers have to reactivate plants idled during the global recession.

The market is quite tight right now and shipping lines have to bring back empty containers from Europe and the US to meet Asia's export demand.

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29-Jul-2010 09:44

User Research/Opinions / ShareJunction Trading Discussion Hub

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CMA below IPO S$2.12

KEahzq ( Date: 29-Jul-2010 09:38) Posted:

CAPITAMALLS Asia:

According to CEO, Lim Beng Chee, CMA has a potential war chest of some $2.5-3 bn for developing and buying malls, and it will be targeting its firepower at Singapore, China and Malaysia. Currently, the group is sitting on around $1 bn of cash, which includes proceeds from the listing of CapitaMalls Malaysia Trust (CMMT) and the sale of Clarke Quay to CapitaMall Trust. With that, the group can borrow another $1.5-2 bn for investments.

With that, the group can borrow another $1.5-2 bn for investments. CMA is eyeing state land for mall developments, and it is particularly keen on areas where it already has a presence. These would include the Jurong district, where IMM and the upcoming JCube are. Another plot of interest is the one at Stamford Road/North Bridge Road, where Capitol Theatre is. Raffles City Singapore, which CMA has a stake in, is right next to the station. Besides S'pore, China remains a key growth mkt for CMA.

The Chinese government is trying to boost domestic consumption for economic growth and CMA can benefit from that trend. In Malaysia, CMA is also looking to acquire or develop malls. It is setting up a RM1 billion (S$428 million) fund for this. The stock is now trading below its IPO offering price of $2.12 after its spectacular debut last year.

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29-Jul-2010 09:37

Genting Sing / GenSp starts to move up again

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S$1.29 nOw

Your 1st Target S$1.30 is just +S$0.01 on the way . . . . . . . .

DnApeh ( Date: 28-Jul-2010 08:30) Posted:

i think a lot of people will short at 1.30-1.32

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29-Jul-2010 09:33

Genting Sing / GenSp starts to move up again

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sO DMG is STiLL bUyIng ?

hpong5 ( Date: 28-Jul-2010 15:40) Posted:

Deutsche Bank partly owns DMG and majority of orders are filled by DMG. Think about it. Remember GS's target.

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29-Jul-2010 09:30

Genting Sing / GenSp starts to move up again

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The criticism of critics of critics IF someone is to issue a one-sentence manifesto for Genting Singapore criticism, it would be this:

Any stock worth investing is worth arguing about, and any stock worth arguing about is worth investing.

But nothing is ever that simple, as demonstrated by Price Actions and Trend Reversals

Depending on how you interpret certain key Trends and Patterns, there are either three or four levels of dreaming explored . . . . . . . .

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29-Jul-2010 09:20

SIA / A380 A Great Way to Fly

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SIA takes the plunge with Oz swimmers

Low Li n Fh oong

linfhoong@mediacorp.com.sg

SINGAPORE

This was made possible after Singapore’s national carrier signed a deal with Swimming Australia, which lasts until 2012.

According to British sports website

The deal has raised a few eyebrows in the sports fraternity, with athletes and officials wondering why Singapore’s national carrier has chosen to back the swimmers from Down Under, when the Singapore Swimming Association (SSA) is one of the most successful national sports associations (NSA) in the country.

Singapore Swimming Association president Jeffrey Leow told MediaCorp that the association had explored a possible tie-up with SIA for the Fina/Arena Swim World Cup last year, but a deal never got off the ground.

Describing the decision as a “commercial reality” which NSAs face when dealing with most local companies, Mr Leow said: “We had some informal contact but nothing came out of it.”

National swimmer Zach Ong, who took home three gold medals at last year’s SEA Games said SIA’s partnership with Swimming Australia was “a bit ridiculous”.

“I learnt about it last month, from a swimmer, who saw the SIA billboards at a short course event in Australia. I’m pretty sure SIA can do more to help our athletes and reduce costs for associations like swimming,” said the 19-year-old.

However, Mr Nicholas Ionides, SIA’s vice-president of public affairs, told MediaCorp: “I am not aware of an approach last year by Singapore Swimming Association for sponsorship.

We have also checked with several other departments and they have no recollection of such an approach either.”

The SIA-Swimming Australia partnership, signed in March, will make the airline the preferred carrier for all international travel for the swim team, which won six gold medals and set four world records at the 2008 Beijing Olympics.

SIA’s Mr Ionides said the agreement was a commercial one, not a sponsorship. “Swimming Australia approached us last year for such a partnership because of our extensive network,” he said yesterday. “The main elements provide for discounts related to targeted travel volume, similar to the corporate agreements that we have with many corporations around the world.”

According to Mr Ionides, there will be also be spillover benefits for Singapore’s swimmers. “A secondary objective for Swimming Australia is to use Singapore as a base and preferred destination for training their swimmers,” he said. Sports officials whom MediaCorp spoke to felt Singapore Inc could do more for local sports.

Singapore Table Tennis Association President Lee Bee Wah said:

“I have spoken to many companies and I find it very tough.”

Ms Annabel Pennefather, president of the Singapore Hockey Federation, said: “We federations hope SIA can be more forthcoming.

For NSAs, it would be nice if you arrive in a country on your own national carrier rather than another airline.”

SIA, however, said it does support local sport, pointing to free air tickets given to the Singapore Sports School as well as for the annual Singapore Sports Awards. SIA is also the official airline for next month’s inaugural Youth Olympic Games.

“We have also provided similar support in recent years to Singapore Disability Sports Council and Singapore National Paralympic Council,” said Mr Ionides.— Some of Australia’s top swimmers Leisel Jones, Stephanie Rice and Eamon Sullivan will be flying on Singapore Airlines (SIA) when they travel to international meets around the world.sportspromedia.com, the three-year partnership is worth US$600,000 ($819,000). SIA said the terms of the agreement were confidential.

Airlines’ partnership Down Under raises eyebrows in Singapore

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29-Jul-2010 08:43

Others / Market News that affect STI

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CONFLiCT OF iNTERESTS [COI]

1. MANAGEMENT is RESPONSIBLE to SECURE HiGHEST RETURNS for SHAREHOLDERS

2. MANAGEMENT increases own compensations is to SECURE PERSONAL iNTEREST and nOt SHAREHOLDERS' iNTEREST.

iT iS a dIrect CONFLiCT Of iNTEREST [COi]

pharoah88 ( Date: 28-Jul-2010 17:50) Posted:

Wednesday: 28 JULY 2010 TV CHANNEL 8 - GOOD MORNING SINGAPORE !

CONFLICT OF INTERESTS [COI]

MULTIPLE RELATIONSHIPS between Housing Agent and House Owner/Seller

1. HOUSE SALE RELATIONSHIP

Housing Agent has the SOLE RESPONSIBILITY to PROTECT House Owner/Seller Interest

Secure HiGHEST SALE PRiCE for House Owner/Seller

2. HOUSE BRIDGING LOAN RELATIONSHIP

Bridgeing Loan is required by House Owner/Seller who is buying a house which cost more than the SALE PRiCE of existing home, because RESALE MARKET PRiCES are in RiSiNG TREND

Housing Agent as Loan Lender has PERSONAL INTEREST to secure the Loan Repayment by House Owner/Seller in the Shortest Time.

This PERSONAL INTEREST is in DIRECT CONFLiCT with the House Owner/Seller's Interest to secure the HiGHEST SALE PRiCE.

In this Conflict Of Interest [COI] situation, Housing Agent would cOmprOmIse the securing of HiGHEST SALE PRiCE with the securing of the SALE at lower price but in SHORTEST TiME.

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

EMPHASiS:

Due to the High Cost of Living in Singapore, Bridging Loan is only extended when the House Seller's Salary is above S$1,800 per month.

pharoah88 ( Date: 28-Jul-2010 13:01) Posted:

Thousands of housing agents get the axe

Real estate firms take action ahead of implementation of new rules

JOANNE CHAN

joannechan@mediacorp.com.sg

SINGAPORE

Under a new regulatory framework to be implemented by the Ministry of National Development (MND), a statutory board known as the Council for Estate Agencies will be set up. MediaCorp understands that a Bill could be introduced in Parliament as early as October.

When contacted, MND would only say that a Bill will be introduced later this year, with the council operational by the end of the year. Under the new framework, all agents must register with the council before they are allowed to practice. In the meantime, MND had asked estate agencies to submit their agents’ particulars and qualifications. Some firms have taken the opportunity to do some housekeeping.

Dennis Wee Group (DWG) updated the particulars of all its 5,000 agents earlier this month. They were also briefed on the new requirements.

DWG director Chris Koh said as a result of the exercise, some 1,500 agents were axed. They were mostly inactive or part-time agents.

“With the new central registry, where a member of public can turn to the registry and see if you are an agent, it’s going to be difficult for those with a full-time job to moonlight as an agent.”

Under the new guidelines, agents will also be required to pass a mandatory industry exam.

Only those with an industry certification will be exempted.

Rather than wait, DWG has asked all its agents to equip themselves — either with the Certified Estate Agent Course or the Common Examination for Salespersons.

Another real estate agency, PropNex, has also taken action.

Its CEO, Mohamed Ismail, said some 1,200 agents were terminated, either because they’re inactive or unwilling to take up personal indemnity insurance. The insurance covers any financial liabilities arising from housing transactions.

Agents who are associated with moneylending have also been let go. “We have made it a policy that any PropNex agent, who has a moneylending licence, will not be allowed to practice because we do see a conflict of interest.”

ERA, which has about 3,000 active agents, says it removes about 100 inactive agents from its database every month. Associate director of ERA Asia-Pacific, Mr Eugene Lim, said the company has also been training its agents for the Common Examination for Salespersons.

To date, more than 2,500 ERA agents have taken the exam.

HSR, which represents about 7,000 agents, says it regularly checks its database for inactive agents, who are then put on a passive list and sent reminders to go for retraining.

There are an estimated 30,000 housing agents in Singapore.— Real estate firms have axed thousands of housing agents ahead of enhanced regulations aimed at improving the professionalism of the industry.

We have made it a policy that any PropNex agent, who has a moneylending licence, will not be allowed to practice.

PropNex CEO Mohamed Ismail

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29-Jul-2010 08:33

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MM Lee’s bold suggestion: No retirement age for workers

By Channel NewsAsia, Updated: 28/07/2010

There should be no retirement age: MM Lee

There should be no retirement age: MM Lee

SINGAPORE: Minister Mentor Lee Kuan Yew has said that there should be no retirement age for workers.

He made the point at a dialogue session with over 900 senior managers, government officials and unionists on Wednesday.

The session was held in conjunction with the 30th anniversary of the Singapore National Employers Federation (SNEF).

Minister Mentor Lee got the audience in stitches when he made the bold suggestion — no retirement age for Singapore.

He said: "You work as long as you can work and you will be healthier and happier for it. If you ask me to stop working all of a sudden, I think I’ll just shrivel up, face the wall and just that."

The 86—year—old said old people should be more productive.

Mr Lee was responding to a question on challenges Singapore may face with an aging population.

He said that at his age, he may have aches and pains but he can keep going.

He said: "Many of our workers have a preferred retirement, and then they die early! It won’t be long before the message sinks home that if you keep doing what you’re doing for almost the whole of your life, the chances are you will stay interested and engaged in life, there’s something to do tomorrow and you keep going. If you start saying,’oh! I’m old!’ And you start reading novels and playing golf or playing chess, well, you’re on the way down."

From 2012, employers in Singapore will have to offer workers re—employment when they hit the retirement age of 62.

Mr Lee said older workers will need to come to terms with the psychological switch — that is, working for less pay and very likely for a younger boss.

He said: "That’s life! You know American Generals — they don’t do well, they get fired and they give them a medal, they send a new general! I think we have to develop that approach to life. (When) you have reached the maximum you can do at your age in that position, you move sideways and you take less pay and you move gradually, (getting) less and less pay because you are moving slower and slower, especially when you’re doing physical work."

Mr Lee stressed the need to continue learning even as one gets older, adding "I’m still learning."

Attracting talents was another hot topic at the dialogue session. Mr Lee said foreign talents come to Singapore because of the opportunities it offers.

Their numbers will add to what Mr Lee called a growing "intellectual class".

Mr Lee said: "We are going to have an intellectual class, about maybe three times as big as what you have now and that will give us the dynamism, the powerful engine to carry us forward faster."

Mr Lee added that Singapore’s attraction as a liveable, safe city with good infrastructure will support its push to enhance productivity.

The 45—minute dialogue was engaging and peppered with personal anecdotes. For example, Mr Lee shared how many of his ideas were gleaned from his travels.

He noted how a lot of policies in Singapore were the result of his experiences overseas. For example, deciding on having an underground train system over a network of tunnels for buses.

— CNA/ir

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