Winter Park Real Estate

Orlando has 7 major theme parks and over 100,000 hotel rooms just to cater for the tourists. The tourism dollar in Orlando goes into the billions of dollars, with a large part of its economy concentrating in the tourist industry. Tourism has brought increased employment opportunities. But tourism is not everything, people still do settle down in Orlando because it is a place to raise a family and it also offer a good leisure time. When in Orlando check out Winter Park Real Estate as a place to stay. But Orlandio has not always been about Theme Parks, it has over the 150 years history, Orlando has changed dramatically from the cattle raising, Indian wars, cattle rustling, gun fights and gambling, to a bustling city of 10,000 in the mid-1920s to the number one tourist destination in the world, with a population of 185,000 and the metro population is over 1,500,000. In Central Florida, where there is 7 counties, this counties offer a variety of life styles that cater for all ages. You have real estate in upscale neighborhoods; golf course communities; charming, old-fashioned towns, rural communities and areas with excellent schools. Downtown Orlando consist of mixture of historic homes and luxury condominiums which has a great view of the city. In the last 5 years the town has seen tremendous changes with 19 new and conversion condominiums. In the historic neighborhoods of Thorton Park, Lake Eola Heights, Lake Lawsona, Lake Cherokke and Lake Copeland there you can find vintage homes. Downtown is not short of restaurants, retailers, discos, and bars all within walking distance. You can find activities by Lake Eola, a sport complex, theater and opera and all located within reach. Orlando Florida is a place to bring the family, to spend quality time and where you can find theme parks, beautiful sandy beaches, and friendly locals. The climate is wonderful with year round sunshine. What more you can take a 45 minute drive from the theme park to the countryside with rolling hills and oak trees. If you take the route South and you are on an airboat ride across the everglade or go shopping where you can find anything.

Albuterol

There is a New Online Service for Healthcare Professionals Epocrates Inc. this is a Web-based Drug and Health Plan Formulary Product Leading Developer of Mobile Applications. More than 500,000 healthcare professionals can now access a free online version of the trusted mobile drug and formulary guide. All you need is a computer with internet connection and you are well on the way to access Epocrates Online a site where critical information about more than 3,300 drugs can be found. The site also covers dosing dosing, pricing, potential drug interactions and Medicare Part D formulary. A testimony from Jacob Wood, MD, assistant professor of UAB Selma Family Residency Program, has been accessing to Epocrates products via his PDA for many years and now with the on line version of Epocrates his colleagues and staff who are without a PDA can have the same access via the computer. Epocrates is a one stop site where previous you had to go through a multiple of websites or search through medical texts just to find the information that you need, now with Epocrates the most clinically useful and relevant information that healthcare professionals need at the point of care. The extensive drug guide that can be found on Epocrates, take the drug Albuterol in the website they will list out the Dosing, Contraindication, Drug Interactions, Adverse reaction, cost and other information. You can also find formulary information of more than 130 health plans and hundreds of Medical Part D formularies. For those who want more comprehensive web reference can subscribe to the Epocrates Online premium product, where features such as more than 400 alternative medicine monographs, patient education handouts, pill pictures, pill identifier and hundreds of medical tables and calculations. With the growth of Epocrates, it is now rank 257 in the 24th annual Inc 500 ranking of fast growing companies in the country.

My Blog has been unblock - Finally

After about 6 days, Blogger has decided to unblock this blog. I have since 20 Aug 06 transferred all my posting to: http://www.blogcharm.com/singaporestocksupdate/

simmons jannace & stagg

Simmons, Jannace & Stagg a law firm represented a widow of a man who was killed in the 9/11 attack. This widow had filed a lawsuit in the federal court against her previous attorney who was seeking a $2,000,000 contingency fee when he represented her before the Victims Compensation Fund. This fund was set-up to compensated families of the victims of the September 11, 2001 attacked on the World Trade Center. Simmons, Jannance & Stagg argued that the Compensation Fund did not provide federal jurisdiction for an action by the attorney seeking to protect his fee. There were also no precedents on such cases. Further more Simmons, Jannace & Stagg, argued that the case was already brought to the state Surrogate’s Court and the Federal court should abstain itself. The Federal Court ruled that it should abstain from exercising its jurisdiction and leave it to the Surrogate’s Court to conclude.

Thanks for your Support

Thanks to that 10 person who click on my ad. Hope more will help. I have more than 2000 unique hits but nobody seems to click on the ads. Will appreciate when you exit the blog, just click on 1 ad.

Regional Update (18 Aug 06)

CHINA COFCO International (BUY/HK$4.88/Tagret:HK$5.00) 1H06: COFCO posted solid interim results. Turnover improved by 8.6% yoy. and net profit jumped 38% yoy to HK$282.5m, beating market consensus and our forecast. China Insurance Int'l (BUY/HK$5.68/Target: HK$5.60-Under Review) 1H06: Surprising interim results. We are still confident of the company's performance given its increasing market share and improved product mix. China Southern Airlines (NOT RATED/HK$1.67) 1H06: Interim earnings loss was RMB825m despite increased capacity, traffic and load factors, mostly due to high fuel costs. HONG KONG Citic Int'l Financial (BUY/HK$4.39/Target: HK$5.40) 1H06: margin dragged down by fixed rate treasury book. EganaGoldpfeil (BUY/HK$2.92/Target: HK$4.20) Following the share transaction, we expect abundant opportunities for business cooperation between Richemont and EganaGoldpfeil. Texhong (BUY/HK$1.68/Target: HK$2.40) 1HFY06: Strong results. Declaration of interim dividend shows management's confidence on outlook and strength of balance sheet. MALAYSIA PPB Oil Palms (BUY/RM7.85/Target: RM9.10) 2Q06: Net profit of RM32m, up 37%yoy on high production from better FFB yield & OER. Declared a gross tax exempted dividend of 6sen/share. SINGAPORE Jul 06 NODX NODX grew by a more moderate 8.4% due to slower electronics and pharmaceuticals shipment. We maintain our 2006 NODX forecast of 11.5%. Gallant Venture (BUY/S$0.625/Target: S$0.88) Banking on prospective outlook, huge landbank and sound fundamentals, The stock deserves a BUY with price target of S$0.88 (or 40.8% upside). China Lifestyle (BUY/S$0.335/Target: S$0.42) Update on trading halt. Singapore Airport Terminal Services (SELL/ S$2.08/Fair: S$1.90) Flights handled and unit services fell again, but passengers and cargo numbers were healthy. Still faced with stiff home-based competition. THAILAND Italian-Thai Development (SELL/Bt5.65/Fair: Bt4.75) 2Q06: Despite slight improvement on sales, earnings went down on high expenses. Impact from rising prices of raw materials will be felt in 3Q06. Land and Houses (HOLD/ Bt7.7) 2Q06: Worse than expected results lead to earnings revision. Expect a rebound in FY07 performance from this year's low base. Power Line Engineering (BUY/Bt6.50/Target: Bt11.95) 2Q06: Margins collapsed on the back of rising prices of construction materials. TALKING POINT: GST (416.HK) ? Buying opportunity For more details, click on the link. Regional Update (18 Aug 06

Telechoice International

TeleChoice International : Stable Growth ? Good Dividend PlayBUY/S$0.31/Target Price: S$0.36Click on the link for details. Telechoice International

SATS

SATS yesterday reported July operating statistics in which unit services, flights and meals fell, but passengers and cargo handled increased. SATS (S$2.08, Sell, Fair price S$1.90), which has been under competitive pressure from CIAS and Swissport in its home base has also seen a shift of business toward lower margin low cost carriers (LCC) which reduce demands for passenger meals and airport-related services. The company's lifeline lays in overseas ventures with JV partners in China, India and Middle East, and until it begins announces success on this front we remain unenthusiastic about the company's earnings prospects. It is unclear how unit services and flights handled can fall and yet register this degree of growth for cargo and passengers handled and we will seek an explanation of these dynamics from management. Source: UOB K H

ChinaLifestyle (CLF.SP)

Price: $0.335 Target: $0.42 Recommendation: BUY Yesterday, CLF requested for a trading pending the release of material information. Although we do not have specific information regarding the material information, we notice that another SGX listed company in the food and beverage business, Super Coffeemix Manufacturing ("Super"), has also requested for trading halt. During the 1H06 results briefing, management mentioned about increasing its export to overseas markets and developing more lifestyle related F&B products as part of its expansion plan. Putting the two events together, we cannot rule out the possibility of a tie-up/alliance between the two companies in their initiatives in their F&B business. If our speculation turns out to be correct, then the forthcoming announcement may well be a positive development for the company. CLF could leverage on Super's marketing network in various countries to penetrate these overseas markets. Super may assist CLF to develop new F&B products which could reduce CLF's reliance on jelly. We have not considered any earnings accretion from the cooperation as no specific information has been announced to-date. We will upgrade our figures should there be any positive financial impact from the cooperation. We maintain our BUY recommendation as we believe the announcement is likely to be positive. Source: UOB K H

Gallant

INITIATE COVERAGE Gallant Venture : Islands Of Opportunity BUY/S$0.625/Target Price: S$0.88 CLick here for details: Gallant

Regional Update (17 Aug 06)

CHINA Jan-July 06 Fixed Assets Investment Investment growth decelerates, but still faster than desired. Lianhua Supermarket (HOLD/HK$8.80) 1H06: Net income rose 5.64% yoy to Rmb138.4m on the back of higher sales. Maintain HOLD with a target price of HK$8.30. Angang New Steel (BUY/HK$6.60/Target: HK$8.00) Steel mill's goal: To be China's No.1. We consider this a realistic target. BUY for 20% upside. Ping An (HOLD/HK$26.65) Better product mix going forward. HONG KONG Hong Kong Exchanges and Clearing (BUY/HK$54.10/Target: HK$57.80) 1H06: Earnings surged 94% yoy on flurry of trading activities and strong investment income. Wing Lung Bank (BUY/HK$75.20/Target: HK$76.80) 1H06: Results inflated by property revaluation surplus, but sturdy underlying results. Norstar Founders (BUY/HK$2.56/Target: HK$4.07) 1QFY07 operating highlights. Victory City (NOT RATED/HK$2.53) Benefits from crackdown of violation of environmental regulations in China. Management positive on outlook for textile and garment manufacturing units. INDONESIA Bank Niaga (NOT RATED/Rp720) The bank expects to benefit from lower interest rates environment. It has postponed its Rp1.5t worth of bond issuance plan. Bank Tabungan Negara (NOT RATED) Plans to raise Rp1.5t-2t through IPO in 1H07. MALAYSIA Jul 06 CPI CPI rose 4.1% in July on higher cost of food, transport, housing and utilities. We now expect a pause in monetary policy on easing inflation in 2H06. IOI Corp (HOLD/RM16.60) FY06: Net profit of RM844m, down 7% yoy on lower average selling price for CPO. Declared interim dividend of 13.5sen, full-year dividend of 43.5sen. IJM Corporation (BUY/RM5.70/Target: RM7.00) 1QFY07: Results within expectations. Expect 2HFY07 to be stronger on recognition of profits on seven contracts secured since early-06. IJM Plantations (BUY/RM1.68/Target: RM2.20) 1QFY07: Net profit of RM5.3m, down 32%yoy, but up 31% qoq. It was down yoy due to lower average CPO selling price CPO. Results below expectation. SINGAPORE Sunshine Holdings (BUY/S$0.21/Target: S$0.30) Downward earnings revisions due to likely delay in completion of two projects. Price target lowered as a result. Property Lend Lease sets benchmark pricing on Orchard Road. Likely re-rating on other Orchard Road properties. THAILAND Bangkok Dusit Medical Services (BUY/Bt29.25/Target: Bt39.76) 2Q06: Earnings declined qoq due to high expenses. Improvement is expected in the subsequent quarters as revenue will likely catch up. Bamrungrad Hospital (SELL//Bt37.75/Fair: Bt20.00) 2Q06: Earnings remained flat. Performance expects to pick up in 2H06 following the opening of new facilities. Sino-Thai Engineering & Construction (SELL/Bt4.74/Fair-Under Review) 2Q06: Disappointing results. Still no sign of turning around. Somboon Advance Technology (BUY/ Bt15.3/Target: Bt18.0) 2Q06: Marginal slip in gross margin held back earnings. 2006 earnings forecast cut 15% on lower gross margin assumption. Yarnapund (HOLD/Bt7.35- Under Review) 2Q06: Quarterly performance remained in the doldrums, hit by lower equity income and higher interest costs. TALKING POINT: THAILAND - Growing aging population bodes well for healthcare sector Indonesia will be closed from 17 Aug 06 to 21 Aug 06. For more details, click on the link. Regional Update (17 Aug 06)

Sunshine Holdings

Earnings cut due to project delay In light of the likely delay in the completion of two projects, we have revised down our profit forecasts for the next two years and estimated a net income of Rmb 121m and Rmb 156m for FY06 and FY07 respectively. It is worth noting that our downgrades relate to timing of profit booking, rather than development profitability. But since we value the stock based on earnings, we have lowered our price target to S$0.30 (6x FY07 PE). Since the IPO, Sunshine has bought three sites, thanks to its raised profile and enhanced cash position. If the Group continues to be successful in sourcing new sites and hence be able to expand the life span of its landbank, there will be an argument for a higher rating. Delay in the completion of Shining Holiday Shopping Centre Ⅱ. In the interim results announcement, Sunshine stated that it had been approached by a renowned retailer for the leasing of Shining Holiday Shopping Centre II. Management has yet to make a final decision. The mall was originally intended for sale, but since Sunshine will be able to book unrealised revaluation gain when the property is completed, retention of the property for investment purpose will not have much impact on the bottom line. However, we also understand there is likely a delay in the completion of the shopping mall and such a delay will affect net profit this year. For the sake of prudence, we have assumed that 1) half of the project will be completed this year and the rest in FY07. 2) Only 50% of the space completed this year will be sold, and hence profit booked this year. 3) Value of the property will substantially increase upon completion of the whole podium. Based on the assumptions, this project will book Rmb 79m for FY06 while we currently exclude the exceptional income from investment property revaluation in our forecast. In our previous forecasts, we have assumed 70% of the shopping centre will be completed and sold this year. Western District of Xinxiang project postponed. It has taken longer than expected to receive the conversion approval for the development of the site at Western District of Xinxiang. The project, with a planned GFA of 800,736 sqm of residential and retail space, was originally scheduled for completion in 2007. According to the general planning of Xinxiang, the site has been designed for composite use, but Sunshine still needs to apply for the change in land use. We still expect the project will materialise one day though for the sake of prudence, we will leave it out of our forecasts till conversion permit is received. This means our projections for the next two years could potentially be raised. Three acquisitions in June. At the end of June, Sunshine announced the acquisition of three sites, which together add 269,519 sqm attributable GFA to the Group’s landbank. Although they are not sufficient to make up for the delay in the booking of profit from the Western District development, they are important in showing that the IPO in April has indeed raised Sunshine’s profile and made it easier for the Group to replenish landbank. The replenishment not only marked the first time Sunshine moved into Shangqui and Luoyang, but also outside of Henan. In our model, we have assumed 70% of the Changzhi development will be booked this year, while the other two projects will be completed in phases between FY07 and FY08. We understand that more than 40% of the Changzhi project has already been presold. We estimate operating margin for the project to reach 40% and this project will contribute a net income of Rmb 53m in FY06. Maintain Buy. Although we have cut earning forecasts for the next two years, it is due to the completion delay of projects rather than lower profitability. But as our valuation is based on earnings, we have also downgraded our price target. The listed China property plays in Hong Kong are typically trading at 8–15x PE for FY07. Assuming Sunshine should only trade at 50% of the sector’s valuation because of its smaller landbank, the stock’s fair price is S$0.30 (based on 6x FY07 PE) compared to our previous target of S$0.37. However, it is worth noting that if Sunshine continues to be successful in replenishing its landbank and is able to lengthen the landbank’s life span and have a more secured earnings flow, there is an argument for a higher PE. Source: UOB Kay Hian

Los Angeles liposuction

With the dawning of the internet age, it is so easy to get information these days as compared to the past, you either bought the books that you required, search the library or search the Yellow Pages. Now with a touch of a finger all information is at your finger tip. Information like cosmetic surgery can be reviewed and studied by an individual in the comfort of his home. Acquiring more information on Los Angeles liposuction can be found on the website. Dr, David M. Amron an expert liposuction surgeon renowned both nationally and internationally for his cosmetic surgery skills. An individual can now find out about a variety of liposuction procedures and techniques. There is also a testimonial page of the success surgery and the number of lives that had been changed. There is also a before and after photo, to give an idea to potential patient of the significant of the surgery.

plastic surgeon in Toronto

Seeking for information on facial plastic surgery and do not know where to go to get information. Now there is a one-stop website where you can find the various cosmetic procedures, the costing for the procedures, Frequently Asked Questions (FAQ), testimonials from former patients, a photo gallery showing before and after pictures of patients. Look no further for all those who are looking for a plastic surgeon in Toronto check out this website at the art of Facial Surgery. This website features the internationally renowned Toronto Facial Plastic Surgery Specialist, Dr David Ellis, who is a face life expert in Toronto. He is also a teacher and has taught less experienced surgeons the art of improving their facial cosmetic surgery. Dr Ellis has also written 30 articles that can be found in different peer-reviewed journals. He has also contributed 12 chapters in several plastic surgery books.In the website the various facial surgery procedures like rhinoplasty, facelifts, blepharoplasty (eyelid surgery), facial scar revision, lip reduction and many more. There are also non-surgical procedures like as BOTOX injections, microdermabrasion and laser skin resurfacing.

Test

I was given a flash report on Sino-Env a couple of days back and when I checked the price the share was at $1.04 and after 2 days the share price as of now is $1.13, the highest today was $1.14. I did not buy the share as I wanted to make an assessment as to whether the info was reliable or not. If the info I receive was after it was release to the public. Apparently the info I get is b4 public release. I am waiting for the next flash report to buy and see how. If you want to get an update at the same time as me. Give me your email via comments. I believe in the principle that everyone should make money and not horde info for themselves.

Regional Update (16 Aug 06)

CHINA Angang New Steel (BUY/HK$6.72/Target: HK$8.00) Interim profit beats estimate by 10%. Target price raised to HK$8.00. Ping An (HOLD/HK$26.25) 1H06: Impressive results at first glance. COSCO Pacific (BUY/HK$17.90/Target: HK$20.00) Throughput growth remained stable in July and in line with our forecast. Maintain BUY. Lianhua Supermarket (HOLD/HK$8.97) Net income increased by 5.64% yoy to Rmb138.4m on the back of higher sales. Shanghai Electric (BUY-Under Review/HK$2.55/Target: HK$3.60) The chairman of SEG was detained for violating rules of the Chinese Communist Party, according to SEG. HONG KONG IPE Group (BUY/HK$1.87/Target: HK$2.40) FY05: Net profit within expectations. Sales of HDD components staying strong. Technical Taiwan stocks gain more attention in the Hong Kong market. MALAYSIA Berjaya Sports Toto (BUY ? Under Review / RM4.42/Target: RM4.60) B-Land repays another RM388m to BST. Outstanding balance stood at RM91m, to be repaid by 04 Aug 07. Resorts World (HOLD/RM11.70) 1H06: Associate Star Cruises' results below expectation, posted ex-exceptional net loss of US$33.8m due to fuel cost and write-down on investment. SINGAPORE AusGroup (BUY/S$0.32/Target: S$0.55) Initiate Coverage: Riding the Australian mining boom. People's Food Holdings (BUY/S$0.98/ Target: S$1.15) Distribution channels will shift further towards supermarkets and management expects stable pig prices in 2H06. Upgrade to BUY. SC Global Developments (BUY: S$1.61/ Target: S$2.08) Reaping rich rewards from the booming high-end property market. Singapore Airlines (BUY/ S$13.10 /Target: S$15.00) Cargo traffic fell and pax traffic was soft, but 1Q07 yields were holding up. Too early to draw conclusions about a trend, and oil prices are falling. THAILAND Aapico Hitech (HOLD/Bt13.4) 2Q06 earnings: Profit plunged sharply by 54% on the back of poor top line and weak margins. Advanced Info Service (HOLD/Bt93.50) 2Q06: Results deteriorated but expect to improve in the subsequent quarters. Downgrade to HOLD as share price is now close to our NPV. Asian Property (BUY/Bt2.86/Target: Bt4.64 2Q06: Results were flat qoq but surged 40% yoy. 1H06 profit rose sharply by 48%. Keep top line forecast but cut earnings forecast on weak margins. Bangkok Expressway Co. (HOLD/ Bt21.50) 2Q06: Net profit jumped 7% yoy due to higher traffic volume and lower interest expenses. Maintain HOLD. Home Product Center (SELL/Bt8.25/Fair: Bt8.50) 2Q06: Performance recovered qoq but same-store sales growth remained in the red, ytd. 2H06 outlook remains unexciting. Rojana Industrial Park (BUY/ Bt12.70/Target: Bt16.20) 2Q06: Results were in line. 1H06 profit accounted for 54.5% of our full-year forecast. Interim dividend of Bt0.4/share was declared. True Corporation (SELL/9.20/Fair: Bt6.52) 2Q06: Performance deteriorated as a result of price war. Financial remains weak despite recent capital raising proceeds. TALKING POINT: Malaysian Plantations (MPB MK) - Set for earnings turnaround For more details, click on the link. Regional Update (16 Aug 06)

SC Global Developments

Reaping rich rewards from the booming high-end SC Global reported very strong 2Q06 results yesterday with revenue and PATMI surging by 77% and 236% respectively- bringing 1H06 PATMI to S$9.4m (+112% yoy). This was boosted by a S$5.3m gain on disposal of an investment property. Excluding this item, 1H PATMI would be up around 65%. Following the release of SC Global’s 2Q06 results yesterday, we spoke with management and made the following changes to our earning forecast. Sale of Martin Road site to be pushed to FY07. Our model had previously assumed the sale of two vacant land plots in FY06- a commercial site in Newton and a residential/commercial site in Martin Road. While management is still in discussion with potential buyers, it has guided that the sale of the Martin Road site will unlikely be completed by FY06. While there are no changes to our price assumptions, we are shifting back our earnings from the sale of the Martin Road site to FY07. We believe that it should be able to achieve a good price considering the rapid increase in prices in the vicinity, with units at the opposite RiverGate condominium fetching an average of S$1,600 psf. En bloc purchases of Hilltops Apartments and Paterson Tower to be completed only at end FY06/ beginning FY07. We had previously assumed that both purchases will be completed by FY06 and have locked in interest cost associated with debt financing. As this will be pushed to FY07, our FY06 debt and corresponding interest expense have been reduced. We also expect construction for the Paterson site to commence only by FY08 resulting in lower recognised profit in FY07 and FY08 as the bulk of earnings will flow in at the later stages of completion. Gain on disposal of investment property. We have also incorporated the S$5.3m gain on the disposal of a property in Mohd. Sultan Road into our model. Dip in expected earnings for FY07 but robust earnings thereafter. As the two major launches will only take place at mid to end FY07, the bulk of earnings will only be recognised from FY08 onwards due to the percentage of completion method of accounting. These two sites are among the largest freehold sites in the prime Paterson Hill and Cairnhill areas, constituting some 700,000 sf of gross floor area and making up 80% of their current landbank. Going from the strong sentiment in the high-end segment and continued interest by international investors, we believe the company is well positioned for medium to long term growth ahead. The two Integrated Resorts and the rejuvenation of Orchard Road are expected to further stimulate demand for prime luxury residences. Maintain BUY. After incorporating all these changes, FY06 and FY07 net profit will increase by a further 3% and 17% respectively from S$27.2m and S$6.3m. As the above changes are mainly due to timing differences in profit recognition, the impact on our RNAV is minimal (+0.7%) and we are therefore maintaining our BUY recommendation and target price of S$2.08. Source: UOB Kay Hian

Please support.

Please support me by clicking on 1 or 2 of the ads on this page. Thanks a million. Have you sign up for the Stock Challenge at http://sgx.com/stockwhiz/closing date is 28 Aug 06. Winner will make S$20,000

Aus Group

INITIATE COVERAGE: AusGroup : Riding the Australian Mining Boom BUY/S$0.32/Target Price: S$0.55 Click on the link for details. Aus Group

Regional Update (15 Aug 06)

CHINA Century Sunshine (BUY/HK$4.53/Target- Under Review) 1H06: Results beat expectation as net profit soared 136%. China Fire Safety (BUY-Under Review/HK$0.89/Target: HK$0.99) 2Q06: Earnings of Rmb69m, which decreased 10% yoy. Shandong Weigao (BUY/HK$4.89/Target: HK$6.70) 1H06: In line results, with net profit up 61% yoy on strong new product sales and improved margin. Maintain BUY with HK$6.70 target price. Vision Grande (BUY/HK$7.29/Target: HK$9.8) 1H06: Result missed forecast on exceptional loss and lower margin. Cut FY06-08 EPS forecast by 1-11%. Target price revised to HK$9.8. Lenovo (BUY/HK$2.65/HK$3.30) Supply chain management is another growth driver; the bad news has been partly priced in. Will provide surprise in medium-term and upgrade to BUY. HONG KONG i-CABLE (SELL/HK$1.6/Fair: HK$1.1) 1H06: Net profit plunged 59% yoy to HK$64m. Earnings were even 38% lower than in 1H02 when the Group broadcasted 2006 FIFA World Cup. Cathay Pacific (BUY/HK$14.16/Target: HK$16.00) July traffic growth rates dipped. Passenger traffic signals mixed. Cargo traffic growth a bit slower than last year. Value driver remains Dragonair. INDONESIA GDP- 2Q06 GDP growth accelerated at a faster 5.2% yoy in 2Q06 on the back of strong government spending and export growth. MALAYSIA MISC (BUY/RM8.80 (L) - RM8.90 (F)/Target: RM12.00-Under Review)) 1QFY07: Below expectations. Revised accounting standards and liner losses impacted performance. SINGAPORE Office Property 2006 - 2010: Cyclical upswing in the office market, in particular the downtown region. China Hongxing (BUY/S$1.59/Target: S$1.88) 2Q06: Well built distribution network drives sales. Hong Leong Finance (BUY/S$3.20/Target: S$5.00) 2Q06: Net interest income has recovered from the recent low and rose sequentially. In addition, HLF remains a good dividend play. Jurong Technologies (BUY/S$1.08/Target: S$1.80) 2Q06: Wireless accessories made maiden revenue contribution of S$20.4m or 8.2% of sales. Magnecomp International (BUY/S$0.78/Target: S$1.15) 2Q06: Results below expectations due to huge one-off impairment and restructuring expense of S$25.5m at MPT. OCBC (BUY/S$6.35/Target :7.90) 2Q06 : Surge in earnings due to divestment gains. People's Food Holdings (HOLD - Under Review /S$0.985) 2Q06: Results were in line with our expectation. Excluding one-off investment gain in FY05, earnings grew 15% yoy, on the back of revenue growth of 12% yoy. SC Global Developments (BUY: S$1.58/ Target: S$2.08) 2Q06: PATMI surges 112%. Yanlord Land (NOT RATED/S$1.13) 1H06: The first set of results showed a pleasing yoy growth. Management expects a better 2H despite China's tightening measures. City Developments (HOLD:S$9.00) 1H06: PATMI up 36.1% from 1H05 on stronger contributions from development properties. Sarin Technology (SELL/S$0.50/Fair: S$0.43) Weak set of results. Fundamental risks remain while no positive catalysts in the near term. Maintain SELL. THAILAND Hemaraj Land and Development (BUY/ Bt0.94/Target: Bt1.52) 2Q06: Strong condominium sales and service income offset poor land sales. Expect better 2H06 given a sharp turnaround in land sales. Quality Houses (BUY/Bt1.11/Target: Bt1.59) 2Q06: Cut margins to boost residential sales. Rental business was weak during the startup of QH lumpini. Earnings and target are under reviewed. Siam Makro (HOLD/ Bt68.0) 2Q06: Sales grew yoy but margins continued to weaken. Two branches are scheduled to open by Dec 06. Ticon Industrial Connection (BUY/Bt17.1/Target: Bt25.30) 2Q06: Impressive results from sale of assets into TFUND. Capital increase by 107m shares to support a faster than expected rental space growth. Thanachart Capital (BUY/ Bt13.3/Target: Bt17.7) Against the sharp increase in OPEX 1H05, we have slashed our FY06 earnings forecast by 36% to Bt1.9b. TALKING POINT: China Insurance Int'l (966.HK) For more details, click on the link. Regional Update (15 Aug 06)

Singapore Office Property

2006 - 2010: A cyclical upswing in the office market Office valuations on the upswing from robust economic activities. The Singapore office market has witnessed buoyant leasing momentum on the back of strong economic performance (3-year GDP CAGR of 7.4%), improving business confidence and tenants’ expansion activities. Office valuations and rentals in Singapore have risen eight consecutive quarters as the availability of office space continues to tighten. According to CBRE, prime office capital values are currently 7% higher than its trough level of S$980 psf in 2003 (1Q06: S$1,050 psf). Rentals on the rise underpinned by healthy take-up rates. While total office stock in Singapore stood at 70m sf as of 2Q06 (unchanged over the last three years), demand had risen by a 3-year CAGR of 2.2%, lifting occupancy rate to 88% (up from 82% in 2003). In 1H06, rentals for Grade A office properties surged 25% yoy to S$6.30 psf in the Raffles Place / Marina Centre vicinities. Jones Lang Laselle forecasts Grade A office rentals to spike up a further 15% - 20% in 2H06, bringing the full-year increase to about 40%. Limited supply will sustain the brisk firming in office rental prices, in particular the CBD area. Over the next four years, the known supply of future office spaces in Singapore is likely to be restricted to about 3.5m sf, representing only a 5% increase from its existing supply. In view of the buoyant economic conditions, demand for office spaces (particularly those within the CBD) is likely to exceed planned supply. Between 2003 and 2006, demand growth for office spaces within the CBD region surpassed supply growth by more than three-fold. We believe office rental prices will continue to escalate strongly over the next few quarters. Yields of office REITs counters are likely to converge with other REITs. The biggest and most significant beneficiaries of this trend are K-REIT and CapitaCommercial Trust. In view of the tightening office supply and higher foreseeable office rental prices, yields of these two REITs are likely to converge with that of other REITs. Source: UOB Kay Hian

SC Global Developments

2Q06: Reaping rich rewards from the booming high-end SC Global reported very strong 2Q06 results with revenue and PATMI surging by 77% and 236% respectively- bringing 1H06 PATMI to S$9.35m (+112% yoy). This was boosted by a S$5.3m gain on disposal of an investment property. Excluding this item, 1H PATMI would be up around 65%. Riding the high-end property upswing. Contributing significantly to the strong results are the robust sales from its development projects, mainly Thr3e Thre3 Robin and The Ladyhill. Proceeds from the sale of a super-penthouse unit at the Boulevard Residence were also recorded during the quarter. Higher prices attained on the projects drove up gross margins to 30.4% in 2Q from 11.4% a year ago. S$m 1H2006 1H2005 % Change Revenue 84.5 40.6 108 Gross Profit 22.5 4.0 462 Profit from operations 22.1 0.4 5721 Profit before tax 20.5 4.3 372 Profit after tax and MI 9.4 4.4 112 Offset by lower profit contribution from AV Jennings. As expected, share of profit from Australian associate AV Jennings dipped 56% from S$4.1m last year to $1.8m this year. This is due to weak market conditions in Australia with low housing affordability and reduced market participation. We do not expect sales to pick up substantially this year considering Feb and Mar are AVJ’s peak selling months. Nonetheless medium to long-term fundamentals of the market remain favourable and the property market is expected to recover by 2008. New launches to drive earnings forward. SC Global will be launching two new iconic projects in the prime Paterson and Cairnhill areas by mid FY07. Given the positive market outlook and strong demand for luxury residences, we expect strong sales ahead at premium prices. Further value to be unlocked from land sales. Management has indicated that it would be putting up two vacant land plots for sale in FY06, including a commercial plot in Newton. Although this has not taken place as yet, we believe there is a good chance these two sales could be completed by year end and our model incorporates this assumption. Stripping away the sales of these two vacant plots as well as the investment property booked in 2Q, net profit for 1H06 almost equals our FY06 net profit forecast of S$4.6m. We therefore maintain our BUY recommendation and are reviewing our earnings forecast Source: UOB Kay Hian

HLF

2Q06 : Net interest income has risen sequentially

HLF reported 2Q06 net profit of S$22.3m, up 17.3% yoy. The growth came on the back of a S$4.4m yoy fall in loan loss provisions. Pre-provisioning profit was down 3.1% yoy. However, on a sequential basis, pre-provisioning profit was up 8.0% yoy.

Sequential expansion of net interest income a positive. Net interest income fell 1.5% yoy to S$42m. Higher interest payable to depositors outstripped the increases in lending rates. But the sequential 4.0% growth in net interest income reflects a recovery.

Loans expanded. HLF recorded a 8.8% yoy loan expansion. But it was a mild 0.1% loan contraction sequentially.

HLF promoted various deposit programmes catering to the savings needs of the heartlanders. Hence, there was a 11.1% yoy and 3.4% qoq deposit growth.

Sequential improvement in pre-provisioning profit. Operating profit was down 3.1% yoy to S$27.6m. However, lower provisions of S$43k (against S$4.5m in 2Q05) enabled HLF to record a 14.7% yoy rise in PBT. On a seqential basis however, the results point to improvements : pre-provisioning profit was up 8.0% yoy.

6 ¢ interim dividend declared this quarter, same as for 2Q05.

Expect good dividends ahead. Regulations allow HLF to disburse up to 75% of net profit as dividend. We believe HLF will aim to utilise as much of its Section 44 tax credits as possible. Provisions written back in 1Q05 has given HLF the option to dish out 36 ¢ gross dividend - HLF has declared only 15

$special dividend thus far. Hence, there is another 21 ¢ of special dividend that could potentially be declared over the next few quarters. On an ongoing basis, the 18 ¢ ordinary dividend pa appears to be sustainable. We are forecasting an

attractive FY06 dividend of 33 ¢ per share, giving a yield of 10.3%.

Sequential earnings growth expected. We have lowered our FY06 net profit forecast by a marginal 2% to S$90.4m, due to increases in our forecast of interest expense. On a positive note, however, HLF has taken steps to improve the yield from its loan portfolio (some improvement already seen sequentially) and believe this will continue into 2H06.

Acquisition prospects remain. HLF’s NTA is S$3.12 ps. Our S$5.00 price target is based on 1.6x P/NTA. We believe HLF is an attractive acquisition target by QFBs which want to expand their operations in Singapore. As OCBC paid 1.8x P/NTA for Keppel Capital Holdings and UOB paid 1.6x P/NTA for OUB, we feel that our price target of 1.6x P/NTA is fair.

Source: UOB Kay Hian

Sarin Technologies Limited

Sarin Technologies LimitedPoor 2QFY06 Performance Recommendation: SELL (maintained)Price: S$0.50Target: S$0.43 (previous: S$0.52) Sarin's 2QFY06 net profit drop of 73.1% yoy to US$0.79m on a revenuedecline of 26.5% yoy to US$6.3m was disappointing, despite management'searlier profit warning issued on 10 Jul 06. The weakness was attributableto the overall slowdown in the global diamond industry, as well asperformance issues with its Quazer line of products. Worst hit was Sarin'slargest market, India, where revenues fell 40.2% yoy to US$4.2m in the Jun06 quarter. We have further downgraded our forecasts and target price fromS$0.52 to S$0.43. Maintain SELL. Overall weak environment. Management explained that the weakness in theglobal diamond industry had only manifested itself in 2QFY06, especiallywith India, which declined 40.2% yoy to US$4.2m. Given that India is themain production centre of polished diamonds in the world, and as the overstocking of polished diamonds has impacted those manufacturers mostly, theslowdown had its most significant effect there. Recent floods in somediamond production areas may have a knock-on effect in the Sep 06 quarter.The drastic decline in global capital markets in May 06 and recent tradeshows in Jun 06 only served to confirm the global slowdown. Operating expenses. Gross margins slipped from 67.4% in 1QFY06 to 64% in2QFY06 due to performance issues with the Quazer product. The 28% yoyincrease in the selling and marketing costs in 2QFY06 was attributed tohigher sales performance payouts to its sales teams, as well as salariesfor new employees, office rent, travelling and other expenses. Higherexpenses were also due to its strategy to enhance presence in key emergingregions such as South Africa and China. General and administration expensesrose to support the future commercialisation of the disposable polishingdiscs. Meanwhile, we believe demand for Sarin's products will likely remainanaemic, regardless of new product launches. In addition, gross margins areexpected to be squeezed in the next few quarters. New initiatives. Management is proactively embarking on numerousinitiatives to enhance the business under the challenging environment, e.g.new product launches for its grading and planning systems, inclusionmapping systems and completing the R&D tests for its disposable polishingdisc product. While potentially positive in the long run, the concern isthat the overall market could worsen further in the short- to medium-termbefore any clear and sustained recovery. Valuation. Given the challenging outlook, we have downgraded our forecastsby over 30% each for FY06-08. Our revised target price is S$0.43 based on aDCF valuation. Maintain SELL. Source: UOB Kay Hian

Magnecomp

2Q06: Hit by one-off impairment and restructuring expense Magnecomp reported turnover of S$164.7m (+7.6% yoy) and net loss of S$24.3m in 2Q06. The results were below expectations due to huge impairment and restructuring expense of S$25.5m at MPT. Losses from MPT. Sales from 74.3%-owned Magnecomp Precision Technology (MPT) declined 6.5% yoy to S$89.1m. MPT shipped 74.3m units of suspension assemblies, down 12.3% qoq. Shipment volume was affected by slower-thananticipated transition to 160GB/platter platform. Volume for 3.5-inch desktop HDDs was skewed towards HDDs low-capacity HDDs, which requires only two suspensions per HDD. Excess inventory of 80-120GB 3.5-inch HDDs at Maxtor also created pricing pressure. Shipment for 3.5-inch HDDs contracted 17.3% qoq to 49m units. MPT benefited as Seagate gained market share for 2.5-inch HDDs but was affected by unexpected end-of-life for two 2.5-inch programmes from Western Digital. Shipment for 2.5-inch HDDs increased marginally by 1.8% qoq to 21.5m units. Margins were affected by low utilisation of 65% in 2Q06. Blended ASP contracted by an estimated 3.2% qoq with higher mix of matured products. Earnings contribution was hit by one-off impairment and restructuring charge of S$25.5m. Circuit technology is transiting from FSA to CIS, resulting in impairment charge for FSA-related tooling and equipment. MPT will reduce the number of assembly plants from four to three (two in Thailand and one in China). It will consolidate operations in China but focus on expanding in Thailand. MPT cut headcount by 1,400 in 2Q06 and will further reduce headcount in China by 1,000. Sales from 83.3%-owned Mansfield Manufacturing (MSF) gained 31% yoy to S$75.6m. Stamping sales benefited from strong growth in office automation and steady growth for plasma and LCD TVs. Assembly sales increased more than 80% yoy with strong demand for plasma and LCD TV stands. MSF contributed net profit of S$4.5m compared to net loss of S$25.6m for MPT. Recovery expected in 4Q06. MPT guided shipment of 80-90m units in 3Q06 and 90-100m units in 4Q06. Recovery in ASP is expected in 4Q06 when new 160GB/platter 3.5-inch programme and 80GB/platter 2.5-inch programme from Western Digital go into mass production. Seagate is scheduled to begin shipping 750GB 3.5-inch HDDs (4-platter requiring eight suspensions) targeted at digital video recorders for recording high-definition TV programmes in 3Q06. It will commence shipment for new 60GB 1.8-inch HDDs in 1Q07 and next generation of 2.5-inch HDDs in 1H07. MPT will benefit from volume gained from Seagate-Maxtor merger in FY07. MSF has secured orders for stamped components from German automakers. Assembly sales will benefit from growth in demand for plasma and LCD TVs. We forecast net loss of S$7.6m in FY06 due to the huge impairment and restructuring charge in 2Q06. However, valuation remains attractive with FY06 PE at 6.3x. We have lowered our target price to S$1.15 based on FY07 PE of 10x (Hutchinson Technology: 29.8x, NHK Spring: 31.6x). Source: UOB Kay Hian

Jurong Technologies

2Q06: Positive growth momentum remains intact Jurong Tech reported net profit of S$17.5m (+14% yoy) on revenue of S$249.3m (-42.4% yoy) in 2Q06. Results were slightly better than our net profit forecast of S$16.4m. Growth driven by Wireless. Sales from Wireless segment declined 42.3% to S$190.5m due to change in revenue model from turnkey to consignment basis for mobile handset PCBAs. Management estimated that production volume for mobile handset PCBA increased 20-40% on a yoy basis. Jurong Tech benefited as Motorola expanded market share from 18% in 2Q05 to 22% in 2Q06 with popular models such as RAZR and SLVR. Wireless accessories made maiden revenue contribution of S$20.4m or 8.2% of sales. Sales from HDD segment contracted 39.8% yoy to S$46.4m after Seagate acquired Maxtor. EBITDA margin expanded from 8.5% in 1Q06 to 9.6% in 2Q06. This is due primarily to the change in revenue model to consignment. Jurong Tech has changed the useful life of production equipment from five to eight years, which resulted in S$3.5m reduction in depreciation charges. Other operating expense was much higher due to start-up expense of S$2m for new Brazil plant. Resilient growth from Wireless. Jurong Tech will benefit as shipment at Motorola is projected to increase 15-20% in 2H06 on a hoh basis. Motorola will be launching more new models in 2H06. Jurong Tech participates in high-end models such as RAZR V3x, which is well received by consumers. It also supplies PCBAs for smart phones such as MotoQ and MING. Demand for bluetooth modules is very strong and new model for RF transceiver module will go into production in 2H06. Box-build assembly of high-end TD-CDMA mobile phone for new customer Longcheer will commence in 3Q06. Significant growth from Wireless accessories. Jurong Tech commenced production of bluetooth headset at Tianjin plant and Brazil plant in 2Q06 and volume has ramped up rapidly in 2H06. This is a sizeable project as bluetooth headset is almost a standard item sold together with mobile phones. This is a turnkey project involving PCBAs and box-build assembly. Expanding in Consumer Electronics. Jurong Tech acquired a 20% stake in China Precision, which will be equity accounted starting 2Q06. It plans to cross sell PCBAs for tuners, set-top boxes and power supply units for LCD TVs to China Precision’s customers such as Sharp, Panasonic, LG, TCL, Thomson and ALPS. It has commenced production of PCBAs for tuners for Thomson and has started to engage Sharp. Jurong Tech also target customers from the Office Automation industry such as Konica Minolta. We like Jurong Tech for high growth and high ROE. Contributions from new customers in Consumer Electronics and Automotive industries will provide diversified revenue streams. Valuation is compelling with FY06 PE at 6.5x, a steep discount to sector average of 10.7x. Reiterate BUY recommendation with target price of S$1.80, based on FY06 PE of 11x (Venture: 13.6x, GES: 13.4x). Expanding in Automotive. Jurong Tech has secured orders from a Canadabased global supplier of