cancun all inclusive

Now is the time to catch up on some rest, go for a holiday somewhere you can get away from it all. Check out vacantions.net the leader in the all-inclusive travel experience, launches a newly redesigned website with a customized booking engine and intuitive functionality that sets it above its competitors. This website will help you plan for the long waiting vacation. They have a customized search engine that you can use to plan your journey and what more it is free. Now for the next surprise, you can get 50% of the regular prices by picking the vacations at vacations.net website. Yes 50% of the regular prices. It is a one-stop website for all your travel needs, whether travelling alone or in a group there is something that will suit you. Going to places that your are familiar with or even exotic places or even places that you never heard of except in the movies like Singapore. Yes you can find Singapore or a cancun all inclusive at the website.

Want Want Holdings (WANT SP / WANT.SI, NEUTRAL- Maintained, US$2.27,

Want Want Holdings (WANT SP / WANT.SI, NEUTRAL- Maintained, US$2.27,Target: US$2.30)Quick takes - Voluntary delistingby Gary NgWant Want has announced that its chairman, Mr Tsai Eng Meng, is offeringUS$2.35 cash for shares in the company he does not already own, with theobjective of delisting Want Want. The delisting proposal would allow thegroup to restructure its non-core assets and make necessary capitalinvestments without burdening public shareholders or subjecting them tofurther undue share-price volatility. Our target price is unchanged atUS$2.30, pegged at 15.3x CY08 P/E. Since it is clear that the privatisationprice will not be higher than US$2.35, the limited upside from currentlevels warrants a Neutral call. We advise investors to take the offer.Full Report [ Click here ]or the URL belowhttp://www.gohdirect.com/NASApp/spaf/econtent/sg/WantWant-QT-290507.pdf

Sembcorp Marine (SMM SP/ SCMN.SI, OUTPERFORM - Maintained, S$4.48 -

Sembcorp Marine (SMM SP/ SCMN.SI, OUTPERFORM - Maintained, S$4.48 -Target: S$4.96)Quick takes - Winning more and fasterby Lim Siew KheeSembCorp Marine's order book continue to swell as it secured a US$221mheavy lift vessel contract from Avonway Ltd, Cyprus, a subsidiary ofNorwegian Nordic Heavy Lift ASA. The contract brings new orders YTD toS$4.2bn and order book to about S$8.8bn. We believe our new ordersassumption of S$4.5bn for the year is likely to be exceeded, which couldstretch its earnings growth until 2010. The value of this contract ishigher by about 50% from the last heavy lift vessel that SembMarine securedin 2005 from SapuraCrest Petroleum, suggesting better leverage and marginexpansion. Maintain Outperform, target price raised to S$4.96, based onblended valuations and the rolling forward of our P/E peg to CY08 earnings.Full Report [ Click here ]or the URL belowhttp://www.gohdirect.com/NASApp/spaf/econtent/sg/SembCorpMarine-QT-290507.pdf

gold bullion

The latest thing in investment is to purchase silver, gold or other precious metal and keep them till their prices goes up. Is this a sound investment, isn't keeping money in the bank still better? These are questions all investors are asking themselves. Are there risk? I mean everything that you do has risk, even if you wake up in the morning and get out of your house that is a risk. But look at the prices of gold and silver they have been on the rise, is it too late to jump on the band wagon? Some how you have to monitor the trend and decide and if you decide that you want to invest in gold bullion or silver ingot there are companies like Monex Deposit Company (MDC) you can purchase silver, gold or other precious metals and coins for immediate personal delivery or arrange for convenient and safe storage at an independent bank or depository. For over 30 years, the Monex companies have been America’s gold, silver and precious metals investment leader.

Oil Rises

Oil Rises From One-Week Low as Refinery Fires Spur Gasoline2007-05-24 19:00 (New York)By Gavin Evans May 25 (Bloomberg) -- Crude oil rose from a one-week low inNew York on speculation refinery fires and breakdowns will slowefforts to restore U.S. gasoline stockpiles. New York futures fell the most in seven-weeks and gasolinerose yesterday after Valero Energy Corp. and ConocoPhillips cutproduction at plants in Louisiana and Texas. Brent crude futuresrose after oil workers in Nigeria stopped work and U.S. warshipsexercised in the Persian Gulf. ``Traders just don't believe that refiners can keep up withthe demand that is out there,'' said Alex McGarr, commoditybroker with Cannon Trading Company Inc. in Beverly Hills,California. ``We've got enough crude but you can't do anythingwith it if you can't refine it.'' Crude for July delivery rose as much as 35 cents, or 0.6percent, to $64.53 a barrel in after-hours electronic trading onthe New York Mercantile Exchange. It was at $64.47 at 8:53 a.m.in Sydney. The contract fell $1.59, or 2.4 percent, to $64.18 yesterday,a one-week low and the biggest one-day decline since April 9. Itsslide below $65 may have ``panicked'' some traders into quittingpositions before the holiday weekend, McGarr said. Floor trading is closed May 28 for the Memorial Day holiday.The three-day weekend marks the start of summer driving seasonwhen gasoline demand peaks June through August. Oil's plunge widened the discount to London-based Brentprices to a record $6.54 a barrel yesterday. The margin widenedthe past three months as stockpiles rose at Cushing, Oklahomawhere the U.S. benchmark West Texas Intermediate grade crude isdelivered. Brent Premium ``We need to see some of the excess stocks drain fromCushing before West Texas Intermediate moves in the samedirection as Brent,'' Brad Samples, commodity analyst for SummitEnergy Services Inc. in Louisville, Kentucky, said yesterday.``Brent is being moved by the problems overseas and the strengthof the product market.'' Brent for July rose 12 cents to $70.72 on the London-basedICE Futures exchange yesterday, its highest close since Aug. 28. Oil stockpiles in the U.S., the world's biggest consumer,rose the past five weeks to 344.2 million barrels, 7.6 percentmore than the five-year average for the period, the EnergyDepartment reported May 23. Inventories at Cushing rose 899,000barrels to 27.4 million barrels last week. Gasoline stockpiles rose for a third week to 196.7 millionbarrels on May 18, 7 percent less than the seasonal average.Inventories fell 15 percent in the 12 weeks ended April 27 asplant fires and breakdowns slowed refiners' efforts to store fuelto help meet peak summer driving demand. Rising Demand U.S. demand, based on deliveries from refineries, rose for afourth week to 9.4 million barrels a day last week as oilcompanies prepare for this weekend's holiday travel. Averagedemand the past four weeks was 1.2 percent higher than a yearearlier, the Energy Department said this week. ``So far, the consumer really hasn't flinched'' at higherprices, Cannon's McGarr said. Gasoline for June delivery was at $2.3620 a gallon afterrising 2 percent to $2.3569 yesterday. A crude unit at ConocoPhillips's 27,000 barrel a dayrefinery in Belle Chasse, Louisiana, may be shut for a week aftera fire, Tiffany Dickerson, a spokeswoman for the LouisianaDepartment of Environmental Quality, said yesterday. Work on a fluid catalytic cracking unit at the McKeerefinery near Sunray, Texas will reduce crude processing by abouta fifth to 80,000 barrels a day, Valero Energy Corp. said. Plansto restore processing to 150,000 barrels a day by the end of Junewon't be delayed, spokesman Bill Day said yesterday.

Sector and Company highlights

Plantation Sector Talk of Domestic market obligation • Government plans to introduce the Domestic Market Obligation (DMO) policy that will oblige CPO producers to sell some of its palm oil to local market at a certain percentage of sales volume and price, which could help securing palm oil supply for domestic cooking oil. • At this juncture, it remains uncertain whether the DMO policy will also eliminate the planned increase of export tax rate of CPO, that created negative sentiment on plantation sector. Adhi Karya (ADHI, Rp930) Government to participate in right issue • Investor Daily reported that SOE minister indicated that the government would participate in ADHI’s right issue program to maintain its majority stake and would consult with parliament on this plan, as the government may need Rp300bn to exercise their rights. • The company expects to get an Rp600bn proceed from right issue which is planned to be held in 4Q07 with ratio of 2 old: 1 new. • We view the right issue plan as positive, as it will enable ADHI to lower its gearing ratio from currently 2.5x to around 1.1x and provide its much needed working capital fund. • Based on consensus estimate, ADHI is trading at 2007F-PER 12.7x, still attractive compared to its expected earnings growth of 51%. PT Bank Mandiri (BMRI, Rp3150) Government asks for 60% dividend payout • Bisnis Indonesia reported that the government may ask BMRI to pay 60 percent of its 2006 profit as a dividend, citing a person who declined to be identified. • The 60% dividend payout will translates into an Rp71 DPS or 2.2% yield. • The bank may be asked to pay higher dividends than 50% applied to other state-controlled companies because its financial performance has improved. Berlian Laju Tanker (BLTA, Rp1950) To pay DPS Rp40 • AGM of BLTA approved the dividend payment of Rp40 per share from its 2006 earnings, which translates to 13% pay out ratio and 2% yield. • On the fleet expansions plan, the CFO indicated that the company has set aside US$500mn to buy around 20 tankers comprising new building tankers, secondhand tankers or a fleet of tankers while the type of tankers would be a combine of crude oil, product oil, chemical and gas tankers. • BLTA is currently trading at consensus 2007PER of 8.5x, which is still cheaper than average Singaporean shipping companies PER of some 14x. Indofood Sukses Makmur (INDF, Rp1,690) PP London Sumatera (LSIP, Rp6,400) Indofood Agri to take over London Sumatra • Indofood Agri Resources Limited (IFAR), a Singapore-listed plantation subsidiary of INDF, is in talks to take over the shares of London Sumatra (LSIP). • We understand that LSIP has been an acquisition target for some times after the completion of the company’s debt restructuring in 2004 given its (1) fractional shareholding structure (First Durango Pte Ltd and Pan Lonsum held 50.1% and 15.7%, respectively, as of 1Q07) and (2) major shareholders are financial investors. • In addition, as a part of the debt restructuring, the company has 5-years mandatory convertible notes (MCN) of US$47mn, which could be converted into new shares 269,343,750, which will be accounting for 19.7% of the company’s total issued shares post conversion of MCN. • Were IFAR to buy the MCN and convert it into shares, the company will not have to do a tender offer as the Indonesian stock exchange regulator only regulates tender offer for acquisition of 25% share. • Were IFAR to buy LSIP shares from major shareholder, First Durango Pte Ltd, there could be a tender offer. • Assuming agreed share price of US$1.0/share (at Rp9,000/US$), this will value LSIP at an EV/ha of 13,800 (planted nucleus alone); however, such price tag still places the counter at discount to AALI (US$15,600). • INDF may issue bonds and seek bank loans to finance the expansion and/or do a right issue, if it is willing to buy more than 25% shares in LSIP. Indosiar Karya Mandiri (IDKM, Rp580) Surya Citra Media (SCMA, Rp950) Possible M&A after Lonsum • IDKM may be an acquisition target by SCMA following the completion of the take over of LSIP, Bisnis reported. • Note that the shareholders of SCMA are also one of the shareholders in LSIP while IDKM was an assets of the founder family of INDF, before it was transferred to IBRA as part of the Salim group’s debt restructuring. • A joint force of SCMA and IDKM will be compelling player against BMTR that controls RCTI, TPI, and Global TV.

Subscribe to my Blog

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mba

Capella University was founded in 1993, Capella University is an accredited,* fully online university that offers graduate degree programs in business, information technology, education, human services, and psychology, and bachelor’s degree programs in business and information technology. The also have mba programme for thos who have a basic degree. Anyone can now seek an online education through the online admission at Capella. Capella currently offers 82 graduate and undergraduate specializations and 16 certificate programs. The online university currently serves more than 17,900 students from all 50 states and 56 countries. So no matter where you are around the world as long as you have access to the internet you can get that education that you always wanted and what more from a top university. Capella is committed to providing high-caliber academic excellence and pursuing balanced business growth. Students studying online will get their lectures, notes assignments via online and for those who are holding a job can now manage their time and still study while working. This blog post was based on information provided by Blogitive. For more information, please visit Blogitive.com.

Jurong Technologies

1Q07: Bottomed out Jurong Tech reported net profit of S$12.8m (-22.4% yoy) on revenue of S$218.3m (-26.9% yoy) in 1Q07. This is lower than our net profit forecast of S$15.2m. Hurt by slowdown at Motorola. Sales from Wireless PCBAs declined 15.6% yoy to S$55.2m. Key customer Motorola experienced a dismal quarter as shipment for mobile phone declined 30.9% qoq to 45.4m units and market share contracted from 23.3% in 4Q06 to 17.5% in 1Q07. Sales from Modules also declined 60.4% yoy to S$33m. Production volume was low in January and February and only picked up in March. Wireless Accessories, such as battery packs and Bluetooth headsets, contributed 43.8% of sales or S$95.6m. Margins expanded. EBITDA margin expanded from 8.5% in 1Q06 to 10.5% in 1Q07. Essentially all PCBA projects are already converted to consignment basis. The positive impact is partially offset by Wireless Accessories, particularly battery packs, which are on turnkey basis. Total borrowings increased from S$300.7m at Dec 06 to S$331.4m at Mar 07 (total debt/equity ratio: 1.3x) due to increased working capital required to support the ramp up in March. Orders from Motorola to recover in 2H07. Volume from Motorola will likely remain flat in 2Q07 but is expected to recover in 2H07. Jurong Tech has secured new models from Motorola such as L9, Z8, Z6 and new variants of Moto Q. New module products such as WiMAX and FM receivers will increase in volume. Production volume for battery packs will also increase. New European customer provides diversification. Jurong Tech has secured a new European chipsets solution provider for production of GSM modules targeted at ultra low-cost (ULC) mobile phones. The module provides integrated GSM, SMS and colour LCD functionalities. Jurong Tech has completed design and prototype build of mobile phones using the new GSM modules as platform. Production of GSM modules has commenced in 2Q07 followed by high volume production in 2H07. Expanding into 3G infrastructure. Jurong Tech is in advance stage of discussion with Hua Wei for production of 3G communications equipment based on TD-SCDMA standard. Products include base stations, networking equipment and related products such as repeaters and synchronous modules. Some telcos have already started to deploy 3G network in China as the country prepares for Beijing 2008 Olympic Games. Contribution from 3G communications equipment should commence in 2H07. Bottomed out. We have cut our FY07 net profit forecast by 13.4% to S$70.8m due to poorer performance in 1H07. However, valuation is compelling with FY07 PE at 5.9x (Venture: 14.7x, Compal Communications: 10.2x). We believe this discount will be reduced as Jurong Tech makes more progress in customer diversification in 2H07. Maintain BUY. Our target price of S$1.45 is based on FY07 PE of 9x.

Yanlord

Decline in 1Q net profit: Yanlord announced a 64.1% fall in net profit from S$8.1m to S$2.9m, dragged down by increases in administrative expenses and income tax. Â Due to IPO dilution, EPS fell by a bigger 71.2% to S$0.0017. Â No dividend was declared for the period. dragged down by higher expenses and tax. Revenue actually went up 68.2% in 1Q to S$89.5m, from sales of four ongoing projects, though the main increment came from Yanlord Riverside Gardens P2 (Shanghai) which accounted for 77% of sales in the period. Â Gross profit was up 30% to S$33.6m, but gross margin was pulled down by LAT to 37.6% from FY06s 48.7%. Â Taking out the S$11m LAT booked this year, gross margin would have improved to a more reasonable 49.9%. Â Net profit was further affected by higher administrative expenses such as staff costs. Effective tax rate of 47% was also exceptionally high (compared to the statutory tax rate of 33%) due to non-deductible expenses on the convertible bonds offering in Feb. Strong sales in Shanghai. GFA sold in the 1Q were 50% higher at 27,799 sqm with an average selling price of Rmb15,631 psm. Contract sales reached S$455m and this will be gradually released through the P&L account this year. Despite the tightening measures, Yanlord recorded strong price increment in 1Q. ASP for Yanlord Riverside Gardens P2 (Shanghai) rose 10.8% from 4Q06 to Rmb23,309 psm, Yunjie Riverside Garden P1 (Shanghai) was up 51% to Rmb10,639 psm and Bamboo Gardens P2 (Nanjing) 5% to Rmb6,827 psm. The particularly impressive results in Shanghai highlight the Group's good reputation in the city. Net cash position. Since IPO, Yanlord has only added two new sites: a 60% stake in a 0.688 sqm project in Nanjing for Rmb1.44b in Dec and an increase in the stake of the 0.21m sqm Zhuhaui Yanlord Marina Centre from 60% to 95% for Rmb330m in Feb. Â With a conservative replenishment policy, net cash at end-Mar increased further from Dec's S$195m to S$343m. Outlook and recommendation Forecast 23% growth in FY07 net profit. Management remained confident on the results for FY07, particularly with the presales that have already been locked in. We have cut our full-year net profit forecast by 7% to S$213m to reflect higher LAT charges but the bottom line still represents a 23% yoy growth. Two new presales to watch out for in 2Q: Yanlord New City Garden P1 in Zhuhai and Yanlord Peninsula in Suzhou. Â Higher-than-expected selling prices could lift our FY07 profit projections. Sitting on the net cash pile and due to peer pressure, we expect Yanlord will speed up landbank acquisition this year. Â But till then, the share (S$2.69) is still trading on a significant premium to our appraised NAV of S$2.20/sh. Â We recommend switching to the cheaper counters such as Agile, Greentown and Hopson.

higher education

Capella University was founded in 1993, Capella University is an accredited,* fully online university that offers graduate degree programs in business, information technology, education, human services, and psychology, and bachelor’s degree programs in business and information technology. Anyone can now seek an online higher education through the online admission at Capella. Capella currently offers 82 graduate and undergraduate specializations and 16 certificate programs. The online university currently serves more than 17,900 students from all 50 states and 56 countries. So no matter where you are around the world as long as you have access to the internet you can get that education that you always wanted and what more from a top university. Capella is committed to providing high-caliber academic excellence and pursuing balanced business growth. Students studying online will get their lectures, notes assignments via online and for those who are holding a job can now manage their time and still study while working. This blog post was based on information provided by Blogitive. For more information, please visit Blogitive.com.

higher education

Capella University was founded in 1993, Capella University is an accredited,* fully online university that offers graduate degree programs in business, information technology, education, human services, and psychology, and bachelor’s degree programs in business and information technology. Anyone can now seek an online higher education through the online admission at Capella. Capella currently offers 82 graduate and undergraduate specializations and 16 certificate programs. The online university currently serves more than 17,900 students from all 50 states and 56 countries. So no matter where you are around the world as long as you have access to the internet you can get that education that you always wanted and what more from a top university. Capella is committed to providing high-caliber academic excellence and pursuing balanced business growth. Students studying online will get their lectures, notes assignments via online and for those who are holding a job can now manage their time and still study while working. This blog post was based on information provided by Blogitive. For more information, please visit Blogitive.com.

Internet Security Software

A number of us a so used to computers that we sit infront on a computer but never realise that our data could be stolen right under our nose. That is why it is important to have a reliable Internet Security Software. Software Security Solutions is a single resource for best-in-class Computer Security Software. They advocate a Layered Security Solution using different Internet and Computer Security Software products. Different types of Security Software excel at different types of protection and there is no “one-product-protects-all” – thus their approach. These software goes through vigorous test after test after test, as computer software companies that development this kind of softwares are very concern with their products as their repitation are at stake. security Software comes in various catrgories like Anti Virus, Anti Spyware, Exploits, and Firewalls and put them all in one place.

OCBC

1Q07 core net profit rose 60% yoy, driven by broad-based growth OCBC reported 1Q07 net profit of S$647m, up 103% yoy. Excluding a one-time S$90m office property divestment gain and a S$47m tax refund, core net profit would have risen 60% yoy to S$510m. Margin & volume expansion led to stronger net interest income. Net interest income rose 29% yoy to S$508m, due to (a) net interest margin widening to 2.04% (from 1Q06’s 1.89%), attributed mainly to Singapore (where NIM widen 9 bps), as higher yields on loans and interbank placements more than offset the rise in borrowing costs; and (b) average interest earning assets rising 19% yoy. Core non-interest income surged 45% or S$157m yoy to S$506m. A large chunk came from net gains from investment securities, which rose from S$17m in 1Q06 to S$104m (including S$30m from GEH and S$31m from disposal of government securities by Bank NISP). This S$104m, after minority interests, translates to only S$75m at the net profit level. Fee and commission income was up 27% or S$38m, with key contributions from brokerage (+S$11m) and loan related activities (+S$9m). Core non-interest income accounted for 49.9% of OCBC’s total core income. Expenses rose slower than income. Operating expenses rose 14% yoy to S$352m, attributed mainly to higher staff costs and business promotion expenses. Staff costs increased by 18% on higher remuneration costs and a 11% yoy headcount increase to 16,523, with most of the increase coming from Malaysia and Indonesia. Excluding divestment gains, the expense-income ratio was 34.7%, lower than 1Q06’s 41.5%. Management is confident that its hubbing of backroom operations to Malaysia (which translated to 500 jobs being moved from Singapore to Malaysia) will help to contain cost pressures going ahead. Gross loans rose 11.9% yoy or 3.6% qoq to S$63.3b. There were increased loans in Singapore, Malaysia and Indonesia, mainly in corporate and SME loans. By industry, the increase was mainly to financial institutions, investment and holding companies (+38% yoy) and building and construction (+38% yoy). On the other hand, OCBC felt that housing loans’ margins were too tight and hence did not work to grow that portfolio. But with SIBOR having fallen in the past 3-4 months, OCBC sees the pricing as more attractive now and is working to grow this home mortgage portfolio. BUY. Our target price of S$10.80 is based on 2.8x multiple over FY07F RNTA (incorporating revaluation surpluses ex-GE Holdings) of S$3.84. Back in 1999/2000, when the investment community was bullish on Singapore banks expanding into the region, OCBC traded at a P/B in excess of 2.6x. With OCBC being more aggressive in regionalisation now, and MAS lowering the Tier 1 CAR requirement from 7% to 6% effective 1 Mar 07 (OCBC’s Tier 1 CAR of 13.1% gives it much flexibility in its regionalisation), OCBC conservatively deserves to trade at this same multiple.

Datacraft

Datacraft (DCFT.SI) - Buy: Order book Remains at Record Levels Strong quarter — 2Q results beat our forecasts on the back of sharper revenue growth, stable margins and a healthy revenue mix. Order book strength, however, which continues to post record highs, is the key highlight. Datacraft exited 2QFY07 with a US$169m order backlog, up around 30% yoy from US$127m (+8% qoq), yet its share price remains lackluster vs. other local tech stocks. We are also positive on its JV with Sumisho, which could help turn around its loss making Japan operations. Maintain Buy/Medium Risk with target price of US$1.65. https://www.citigroupgeo.com/pdf/SAP05274.pdf

Web Form

Have your heard of the latest on Web Form on the internet. Forms4Free.com Provides Forms and Formmail For Webmasters. Soon they will be the #1 online service for webmasters to make a free HTML form and download formmail. What they do is to create a simple email form or contact form to a website can often be a tough task for an inexperienced web designer. It is like to create a website for Dummies, Forms4Free.com takes out the complicated portion of creating HTML in the form of HTML Form Wizard. So much easier for the layman who want a quick way of creating forms at the shortest possible time. Rather than just offer a free HTML Form, they decided to also provide the formmail file for $19.95. The formmail file is a processing file that gets uploaded to the website, and it processes the HTML form and emails, to the webmaster, the answers from the form. All those who have already used Forms4Free have give praised to the web form. Especially whe using a wizard the individual is guided through the process and get the end product that he wants.

HLF

1Q07 net profit rose 17.6% yoy HLF reported 1Q07 net profit of S$26.2m, up 17.6% yoy. This represents 25% of our FY07 forecast. Flat net interest income, but outlook positive with a 5.7% qoq loan expansion. Net interest income rose a marginal 0.7% yoy, which is unexciting. However, loans expanded 8.2% yoy and 5.7% qoq, which could translate to stronger interest income in subsequent quarters. Deposits rose 18.0% yoy and 11.7% qoq to cater for the loan expansion. With HLF being primarily dependent on time deposits for its funding, and the recent downtrend in SIBOR (3mth SIBOR fell from 3.4% at Dec 06 to the current 2.6%) translating to lower time deposit rates, we believe HLF would be able to widen its net interest margin going ahead. HLF’s exposure to SMEs in the property development business is also a positive given the strength in loan demand from this segment. Fee and commission income surged 136% yoy, which helped to boost HLF’s non-interest income. HLF recorded an allowance recovery of S$5.3m, which is more than doubled 1Q06’s S$2.3m. This contributed to the stronger net profit. No dividends declared. Management has previously indicated that in deciding the quantum of future dividend distributions, HLF will aim to balance prudential considerations with utilisation of its Section 44A tax credit balance. We believe HLF will declare special dividends in the quarters ahead so as to return Section 44 tax credits back to shareholders. We are forecasting 23¢ dividends for FY07, giving a yield of 5.6%. Acquisition prospects remain. HLF’s NTA is S$3.24ps. Our S$5.00 price target is based on 1.6x P/NTA. We believe HLF is an attractive acquisition target by QFBs as well as China banks 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.

DMX

Singapore, May 9, 2007 – Mainboard-listed DMX Technologies Group Limited (“DMX” or the “Group”), a leading information technology enabler that provides a wide range of digital media software and solution, network infrastructure solution and services to service providers and corporate customers across Asia, today announced that the Group has entered into contracts totaling US$1.68 million with Suzhou Digital TV Company Limited (“Suzhou DTV”) and Taizhou Digital TV Company Limited (“Taizhou DTV”) to build digital TV head-end platforms in support of their plans to digitize TV services. Under these contracts, DMX is commissioned to build end-to-end head-end platforms for Suzhou DTV and Taizhou DTV that prepare and process digital content for TV service provisioning and lay the foundation for future interactive value-added services. Suzhou DTV is a newly formed subsidiary of Suzhou Broadcasting Network Co. Ltd., which manages and operates digital TV service provisioning in Suzhou. Upon completion of the project, Suzhou DTV can offer 150 digital channels to 1 million subscribers. Commenting on these projects, Ms. Jismyl Teo, Chief Executive Officer of DMX said, “Securing new sizeable CATV operators further strengthens our customers’ confidence in our Digital Media Solutions.” Cable TV operators are speeding up the digitization process to align with the Government’s plan on digital TV broadcast. Take Taizhou DTV as an example, it plans to complete migration of 310,000 subscribers in urban areas from analogue service to digital service by 2008. Service coverage in rural areas is expected to be completed by 2012. Currently, there are 1.2 million analogue subscribers in Taizhou. Apart from the hardware platform, cable TV operators will be looking to raise their revenue and competitiveness by expanding into value-added services such as TV-on-Demand, Video-on-Demand, TV-shopping and online games. “With our Digital Video Software, which is compatible with many Digital TV systems, the Group is well-positioned to be a one-stop-provider that can help cable TV operators stay competitive in the industry,” said Ms. Teo.

Raymarine

If you are a deep sea fishing enthusiast, then you have come to the right place, NortheastMarineElectronics.com is a dream land. You can find a wide variety of brands like Astron, Garmin, Standard Horizon, Raymarine, and equipment from many more manufacturers. For those who are a land lubber thenyou can find electronics for camping, hiking, hunting, fishing, boating, and driving. Take a look at our extensive collection of Standard Horizon electronics when you get a moment, or their high-tech GPS chart plotters and Garmin Marine Electronics. I bought Find Finder by Furuno and they do have other electronic fishing tools from Garmin Marine Electronics. Other marine electronic as bargain prices like * fishfinders * batteries * gps systems * radar * chart plotters * depth finders * binoculars * compasses * instructional videos and that you need when going out to sea. I sometimes feel like a small boy in a shop full of toys and everything that I see and touch I would like to buy. So for the professionalfisherman or the once in a blue moon fisherman this is the store for you.

China Market

China A-shares closed higher again on Thursday on sustained fund inflows amid bullish sentiment, with steel and telecom stocks outperformed. The SSEA jumped 37.68 points to close at 4,249.72, while the SZSA finished at 1,171.28, up 11.94 points. Total trading volume declined to RMB 300.6 billion, dropped about 18% over last trading day. Steel makers and telecom stocks were boosted by rotational buying, with Bao Steel (600019.SS) up 6.01 percent. Maanshan Iron & Steel (600808.SS) and Jinan Iron & Steel (600022.SS) gained 9.86% and 6.98%, respectively. China Unicom (600050.SS) and Datang Telecom (600198.SS) jumped 2.05% and 5.01%, respectively. China Eastern Airlines (600115.SS) was up its 10 pct daily limit for a second consecutive day, as there is market talk that the carrier is in final talks with Singapore Airlines about a stake sale. Property developers were under pressure from profit-taking despite the RMB appreciation. Investors, especially individual investors, are still very optimistic about the market prospects, and the strong money flow from banks to stocks will continue for the foreseeable future. Local traders thus expect the market will remain strong in the short term, but they also point out that valuations have exceeded earnings prospects after the benchmark index tripled during the past 12 months; the index would encounter significant correction if the government publishes new stringent policies or unexpected bad news come out.

Noble

1Q07 net profit rose a robust 25% yoy Noble reported 1Q07 net profit of US$43.8m, up 25% yoy. Revenue expanded 47% yoy due to broad-based growth across all segments. Clean fuels a key contributor to energy segment revenue growth. The energy segment was the largest revenue contributor, with a 43% share, after expanding 49% yoy. There was a 32% yoy increase in tonnage. Clean Fuels division, the largest business division by revenue, benefited from gasoline component trading, blendstocking operations and ethanol marketing and distribution activities, and its revenue and tonnage rose more than 40% yoy, particularly in the key core market of North America. The Coal & Coke division, the largest commodities division by tonnage, recorded revenue and tonnage growth of 37% and 16% yoy respectively. Doubling of cocoa revenue a positive for agriculture segment. The agriculture segment has a 28% revenue share, having recorded 38% yoy revenue expansion. Growth was due to (a) increased integrated supply chain activities within the grain division, whose revenues and tonnage were up 33% and 23% respectively, arising from increased sourcing and origination activities particularly in South America, and a stronger pipeline with the increased soybean crushing operations in the PRC, India and the Middle East; (b) coffee division revenues rising 39% yoy, following a strong diversified sourcing capability; and (c) cocoa division revenues and tonnage doubling yoy, attributable to the strategy to expand product sourcing and marketing. Metals, Minerals and Ores (MMOs) segment reported a 54% yoy revenue rise. Increased PRC demand for iron ore imports contributed to the 25% yoy iron ore division revenue increase. The alumina division had revenue and tonnage growth of 46% and 58% respectively, following the recruitment of a new European team in 3Q06. The steel division, on the other hand, recorded a doubling in revenue and a 28% tonnage increase. Gross profit was up 46% yoy. Gross profit margin remained at 3.3%, similar to 1Q06’s level. Significant yoy improvements in gross profit was recorded for Agriculture, Energy and MMO segments, whilst the logistics segment reported improved yoy results. Net profit improvement was also driven by a one-time US$9.2m tax write-back. We have raised Noble’s FY07 net profit forecast by 17% to factor in the strong 1Q07 earnings. We expect the energy and agriculture segments to particularly expand well going ahead. Target price raised. Olam and Li&Fung, which are peers of Noble, trade at forward PE ratios of 50x and 30x respectively. Given the volatile nature of Noble’s earnings over the past few quarters, we have set a conservative 18x PE (for FY07 EPS) rating, which gives a fair price of S$2.10. This is higher than our previous fair price estimate of S$1.83, which was based on a lower FY07 net profit forecast. Maintain BUY.

landscape design

lanscape design is more then putting a tree over there a rock garden here or trimming the plants neatly. It is an art, the art of a complete design through creative landscape design marries form and function-beauty with usability. It is unique to the individual and reflect a person vision and imagination. It is also tailored to an individual budget and the does not mean that the lower your budget or compare to the higher the budget the better it looks. It is a as unique as your own fingerprint. And in the process, increases the value of your home. Landscaping has a 3 steps approach, starting with questions like, Do you prefer curved lines or straight? Which door of your home do you use most? What does a landscape mean to you and what are your expectations from it? These are questions we ask before ever beginning a landscape design. In fact, we ask more questions than you might expect-about more things than you might have considered. Just based on your responses, the landscaper build a landscape that fits, not just your property, but yours and your family’s personalities. The 3 step approach intends to do the following The Planning, Designing and Implementing of your perfect Landscape. In the end you get a landscape that is yours and yours alone.

Delong Holdings

1Q07: Profit propelled by new capacity Delong Holdings’ (Delong) 1Q07 net profit jumped 131% yoy to S$34.6m. Sales grew 32% yoy to S$272.5m on the back of additional capacity commenced last December and a firming steel price trend. Benefitted from additional capacity. With technology enhancement, Delong has been able to expand its capacity to 2.4m tonnes p.a. from 1.6m tonnes p.a. last December. Sales volume rose 17.4% qoq to 391,000 tonnes in 1Q07 (4Q06: 459,000 tonnes) and we expect to see more revenue when Delong gradually lifts its utilisation rate. Firming steel price helped to maintain margins. On the back of the firming trend in steel price, Delong has been able to achieve stable margins. Gross margin improved from 4Q06’s 16.2% to 18.5%. We expect steel price to remain stable for the rest of 2007 Valuation. We lift our FY07 and FY08 net profit forecast by 5% and 11% to S$171m and S$202m respectively to account for the better-than-expected steel price trend. Our DCF-based fair value is now S$0.32 (previously S$0.19). We think the recent price rally has already factored in its good results. Maintain HOLD with entry price of S$0.26.

Pine Agritech

1Q07: Strong Growth Maintained 1Q07 results are in line with expectation. Earnings surged 115% yoy to Rmb146m, 23% of our FY07 forecasts, backed by 81% yoy revenue growth. Soy Oligosaccharide Syrup (SOS) contributed 70% gross profit. Strong growth in SOS product. Both major products had recorded strong growth. Revenue of Soy Protein Isolates (SPI) grew 38% yoy, and that of SOS surged 188% to Rmb196m. Shenji, the SOS exclusive distributor in retail channel, committed Rmb700m minimum order for FY07, and management guided that in 1Q06 Shenji was on track with the commitment. 570 SOS outlets were set up in 39 major cities, and the network will be expanded further. As the contribution of higher-margin SOS has increased from 31% in 1Q06 to 49% in term of revenue, gross margin by 8 ppt too. Two things to watch ahead. A) Progress of SOS distributor. After the initial inventory stock-up phase in 2H06, the SOS sales in this quarter reflected more on Shenji’s promotion effects. We’re glad to see the sales growth continued to be good. Based on the current trend, the chance is high that the minimum order will be fulfilled in FY07. B) Peptide project. The peptide plant will start construction in Jun-07. The first phase includes 10,000 ton production capacity, which Management estimate to be the largest in China. Similar to the marketing of SOS, Management targets to focus on the wholesale market as the first breakthrough. If some major contracts could be secured for Peptide, it will be another earnings driver for Pine. Maintain BUY with target price $0.78. We maintain our FY07-08 earnings to Rmbn628m and Rmb731m separately. The growth could be even more impressive, as our assumption on Peptide contribution is rather conservative. The stock was trading at 16x FY07 PE and 14x FY08 PE. Major risk is the slower-than-expected progress in SOS promotion. Maintain BUY

VoIP Small Business Phone Systems

Most small businesses in their quest to reduce costs and compete with the big businesses, looks for all means and avenues that can help them cut cost. One major cost to small business is high telephone bills. With technology like VoIP Small Business Phone Systems can cut their cost drastically. Company like Xpander Communications specializes in small business phone systems for companies looking to improve and explore new technologies such as Voice Over IP (VoIP). They provide VoIP Small Business Phone Systems that allows phone call both long diustances and international calls through the internet without a computer. Besides reducing telephone cost they also reduce maitenance cost. VoIP allows branches within the same small business to share the phone system and therefore not only reduce cost, allows the branches to contact each other on a free 4-digit dialling system. Now telephone cost is just based on the internet cost and that is much lower then making international and long distance cost. Now small business has one less thing to worry about their cost factor.

Regional Morning Meeting Notes, May 11, 2007

CHINACentury Sunshine (BUY/HK$2.23/Target: HK$2.96)1Q-2Q07 earnings to remain flat given capacity limitation.Growth will accelerate after the launch the new plant expected in 3Q07.China COSCO Holdings (HOLD/HK$8.98)The market is paying a premium for a potential bulk fleet injection fromCCH's parent company.SINGAPOREDelong Holdings (HOLD/S$0.325)1Q07: Profit propelled by new capacity.Noble (BUY/S$1.71/Target: S$2.10)1Q07: Net profit rises 25% yoy, following broad-based revenue expansion.Pine Agritech (BUY/S$0.69/Target: S$0.78)1Q07: Net profit jumps 115% yoy to Rmb146m. SOS contributes 70% of grossprofit.THAILANDPolitical and policy uncertainty continue to drag the economyThailand economists and independent think tanks belivea compromised political outcome will bring back investors' confidence inthe country.PoliticsDifficult to predict but circumstances are pointing to a compromise.Power Line Engineering (BUY/Bt6.45/Target: Bt9.56)Domestic and overseas projects to fuel growth from 2Q07 onwards.Banpu (BUY/Bt234/Target: Bt223.0)Aromatics Thailand (BUY/Bt59.50/Target: Bt62)Two of the hottest stocks in the market. We prefer ATC as fundamentalsfor Banpu look too stretched.TALKING POINT: Huabao InternationalFor more details, click on the link.http://research.uobkayhian.com/research/content.show.action?filename=2007051108535890618313971.pdf

StarHub (STAR.SI): Buy: In-Line 1Q - Steady As She Goes Growth, yield and more: we maintain our Buy (1L) — We see 44%/12% EPS growth in ‘07/08; a sound 5.2% yield with upside potential and the proposed capital reduction this year will see 24c/share returned to shareholders – we see ample room for more, and expect another initiative next year. https://www.citigroupgeo.com/pdf/SAP05318.pdf

Web Affiliate Creater Forum

Like all bloggers and website owners, there is this urge to find the best forum to air your views and to learn from experiences of others. Web Affiliate Creator is such a site, that helps you and me. I am actually looking at 3 threads, 'Monotizing your website', link exchange' and 'podcasting'. But to tell you the truth, I never seen so many interesting threads in one forum. There are many more threads and definetly you will find something there will interest you as a blog owner or a website owner. I find sharing your views and learning from others is the best way of growing as a blogger. So happy blogging.

Discount Orlando hotels

Orlando is ever changing, and if you have not been to Orlando in the past 3 to 5 years we really suggest you coming back to visit. There are 52 theme parks in one location. Not counting the endless number of hotel, recereaction facilities, golf courses. I do believe you need to go there about 5 or more times before you could see everything and by then there may be more new features to visit. I am sure you will be thinking if you could get a good Discount Orlando hotels when staying there, believe if you check out thewebsite you will find discount after discount of packages for the family. So why are you waiting for, get online and of you and your family can go and enjoy themselves.

SembCorp Industries

Boosted by one-off gains. Prefer SembCorp Marine.

SembCorp Industries (SCI) reported a net profit of S$128.7m. Excluding discontinued businesses from 1Q06, net profit increased by 70% yoy. The utilities segment registered an increase of 61% in net profit to S$72.8m while the offshore & marine (O&M) segment reported an increase of 83% in net profit to S$46.0m.

1Q07 earnings were boosted by a few one-off gains. The utilities segment benefitted from a non-operating income of S$61.5m. Management said its Singapore utilities operation was negative impacted by the maintenance inspection and repair of its gas turbines. The non-operating income gain came about following resolution with the turbine supplier. The net gain (undisclosed) on SCI was a lower sum as the company incurred additional cost in repairing the turbines. Separately the UK utilities business benefitted from a gain from land sale (SCI disclosed S$3.9m gains from sale of property, plant & equipment in 1Q07). At the group level there was a deferred tax write-back of S$14.5m because of the reduction in corporate tax from 20% to 18% SembCorp Marine (SMM SP) earlier reported a 1Q07 net profit of S$73.7m, up 81% yoy. Excluding a tax write-back of S$5.0m in 1Q07 and an asset impairment charge of S$6.1m in 1Q06, net profit increase was 46% yoy. 1Q07 turnover was S$953.7m, up 91% yoy, boosted by higher turnover in shiprepair (+25%), ship conversion & offshore (+161%) and rig building (+167%). However, shipbuilding’s turnover fell by 43%. Shiprepair turnover benefitted from higher average repair value per vessel of S$2.5m in 1Q07 from S$1.61m in 1Q06 although the number of vessels repaired fell by 20% to 65 vessels. Shipbuilding turnover declined as resources were channelled to growing the rigbuilding and offshore production segments. Ship conversion saw the completion of one FSO conversion while seven projects are still ongoing. In rig building, only one jack-up achieved the initial 20% recognition in 1Q07 as compared with four jack-ups in 4Q06, but higher jack-up building turnover (+46% to 251.1m) was achieved from ongoing jack-up projects. Ten jack-ups are in the work-inprogress stages with six units in the planning and engineering stages. Turnover from semi building rose substantially by more than 10-fold to S$302.8m. Three semis are in the work-in-progress stages with three units in the planning and engineering stages.

We raise our FY07 earnings forecast for SCI by 9% to S$466m, but maintaining our FY08 and FY09 earnings forecasts at S$486m and S$558m respectively. Our HOLD recommendation is maintained. We recommend an entry level of S$4.40 and below. Our sum-of-the-parts valuation is S$4.80/share.

Corporate Guide

SP : Corporate guide : Singapore, May 2007Click on the link for details. http://research.uobkayhian.com/research/content.show.action?filename=2007050410535372958800386.pdf