capella university

Online University such as capella university has more than 19,000 students, has released its latest Inside Online Education podcast. One of the featured student is Carla Chaldek a PhD student who currently holds the job of a Program Manager for the Joint Staff Training Program at the Pentagon. Chladek, who is pursuing a master’s degree in education at Capella, is responsible for ensuring that the training needs are met for the 2,000 military members who support the Chairman of the Joint Chiefs of Staff. Students from all walk of life, just like you and me, ordinary people no stars are featured regularly on their podcasts. The featured student or instructors, give their true feeling about their stay in the university. Just plain truth, why an online study fits their current working life.

Booming oil and gas sector. Beginning trading on the SGX-ST today, RH Energy Ltd (RHE) fabricates and installs equipment and systems for oil and gas pipelines in the PRC. The industry has been growing rapidly in the last decade and shows no signs of slowing down. According to the BP Statistical Review of World Energy, China's oil consumption recorded a CAGR of 128% between 1996 and 2006 while global oil consumption has recorded a CAGR of 156% during the same period. In 2006 alone, China's oil consumption grew 6.6% YoY, far outpacing Asia Pacific's average YoY growth of 1.4%. Standard & Poor's expects global capital spending in this sector to grow by approximately 10% in 2007. The growing oil demand in the PRC will be driven by the country's rapid economic growth. Strong order book. As at 1H07, RHE order books stood at US$13.2m. We project RHE to secure another US$20m of orders for 2H07. Based on this, we project a 95% YoY growth in FY07 revenue to US$33.2m. Diversification into Build-Operate-Own. RHE has entered into a memorandum of understanding (MOU) to form a 51%-owned joint venture (JV) for the construction and set-up of compressed natural gas (CNG) pipeline network, infrastructure and stations in a new tourist development zone on Hainan Island. Construction is expected to commence in December 2007 and will complete in late 2008 or early 2009. RHE will book upfront revenue of approximately RMB 20m for providing equipment integration services, and thereafter collect an estimated RMB 32.5m per annum for 20 years for operating the CNG stations. Initiate with BUY. We forecast revenue growth of 95% YoY to US$33.2m for FY07 and net profit growth of 27% YoY to US$5.1m after taking into account one-off expenses incurred for the IPO. We expect further double digit growth in FY08 revenue and net profit. Based on FY08 PER of 16x, we derive a fair value of S$0.69. We initiate coverage on R H Energy with a BUY rating.

Keppel Land embarks on a second township in Vietnam. Keppel Land announced its plans to develop a residential township on a 509-ha site in Dong Nai Province situated 28 km from Ho Chi Minh City (HCMC) in partnership with the Dong Nai General Agriculture Service United Cooperative (Dona Co-op) and Vietcombank Fund Management (VCBF). Keppel Land’s equity interest will be 45% amounting to S$49m through its subsidiary with Dona Co-op and VCBF holding the remaining 55% stake. The total investment capital for the project is estimated at S$550m for the initial stage of a 193-ha parcel. The river frontage site is a drive away from the Central Business district and will feature about 14,000 homes, commercial and public amenities, with a potential gross floor area of about 28 million sf. The site will be developed in phases with the first phase expected to be launched in 2009 and will be cater to the middle to upper middle income market. Vietnam offers an attractive business environment due to the improved framework and transparency, tax incentives and more recently its WTO entry provides greater market access. The average GDP growth rate for Vietnam has been 7.8% pas over the last five years with 2007 GDP target of 8.5%. HCMC is currently experiencing a property boom supported by the rising affluence among locals, increasing affordability levels and their preference to invest in real estate as against other investment vehicles. Keppel Land was the pioneer in entering Vietnam and boasts of the highest foreign direct investment in Vietnam. The move by Keppel Land is in line with their expansion and diversification strategy by setting strong presence in the Asia’s growth cities and benefit from the property upcycle in that region.

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Share placement Epure has just announced a share placement. The details are as follows: �� 30m new shares; �� 20m vendor shares from Green Capital, an investment vehicle of the fatherin- law and mother-in-law of Mr Wen Yibo, the non executive chairman and major shareholder of Epure; and. �� 1.4m vendor shares from IFC The indicative price range is S$2.16-S$2.20, representing 8-10% discount to the last traded price of S$2.39 before the trading halt. The net proceeds of approximately S$63m will be used to acquire similar and synergistic business. The company is currently considering the possibility of acquiring environmental equipment companies and construction project management companies focusing on environmental projects. We believe that the company has already identified the target and with the new funds from the placement, Epure should be able to announce its M&A plan within 3-4 months. We like environmental plays given the continued investors’ interest in the sector. The world and China are increasingly concerned about environmental issues such as pollution and global warming. Water treatment companies are trading at higher valuation and the market is quite receptive about putting money into these stocks. For instance, Asia Environment’s share price has done very well despite having two placements in the last three months. We like Epure for its strong fundamentals, well run operation and transparent management. While there is a 7.5% earnings dilution from the issue of new shares, we believe that Epure is able to make an earning accretive acquisition. Therefore, we may need to raise our forecast and target price when the M&A news is out. We will review our forecast after the 1H07 results announcement when we have more updated information about the order books and corporate development.

Disposed Oculus shares Rewarding shareholders with special dividend. SMB United has disposed 22,545,600 Oculus shares in the open market at an average share price of $0.37. The sale proceed from the divestment is S$8.4m. Part of the investment gain of $6.4m would be booked in the 1H07 results and the balance in 2H07. The entire profits of S$6.4m will be distributed to shareholders in the form of a special dividend, estimated at 1.3 cents/share. Riding on recovery in the construction industry. SMB United’s order book for switchgear is very strong and is growing due to the booming construction and property industries. It is well positioned to select projects which offer better margins due to industry-wide capacity shortage. SMB United is setting up a second switchgear plant in Singapore, which is adjacent to its existing factory. The second plant would double the total production floor space available in Singapore to 120,000

capella university

online university is here to stay, capella university an online university with more than 19,000 students, has released its latest Inside Online Education podcast. It features a conversation with Capella PhD student Carla Chladek about her work as Program Manager for the Joint Staff Training Program at the Pentagon. She is on the mater's degree programme. Listen to her on the podcast and then make an informed decision if online university fits your working schedule. Note that Capella offers 89 graduate and undergraduate specializations and 16 certificate programs. The online university currently serves more than 19,000 students from all 50 states and 56 countries. It is committed to providing high-caliber academic excellence and pursuing balanced business growth.

Capitaland

0333 GMT [Dow Jones] CapitaLand (C31.SG) can expect to own more than 200malls in China from about 100 now as developer continues to expandportfolio of shopping centers, says UBS, which rates stock Buy with S$10.60target. Company this week signed agreement with China Vanke (000002.SZ) todevelop retail malls, townships in China. No details given but UBS saysdeal likely to give CapitaLand access to at least 35 new malls across 24cities. Says move allows company to consolidate position as leading retailmanager in China; "this should increasingly allow CapitaLand to controlclusters of assets in the various markets, increasing the leasing controland flexibility." Stock flat at S$7.80. (FKH)

Yongnam

SINGAPORE, July 11 (Reuters) - Singapore construction andengineering firm Yongnam Holdings halted the trading ofits shares on Wednesday, pending an announcement on a courtdecision relating to the ownership of a floor in a building, thfirm said. "The announcement is relating to the Springleaf case," ChiefExecutive Officer Seow Soon Yong told Reuters on the telephone inJakarta. "The trial is going on, we''ll make an announcement whenthe judgment comes out." Singapore''sCourt of Appeal is expected to make its finaldecision on Wednesday over an appeal filed by United OverseasBank (UOB) against a court ruling in a case involvingthe bank and Yongnam''s subsidiaries. Yongnam units Yongnam Development andYongnam Engineering &Construction, together with Hong Leong Finance , broughta lawsuit against UOB last year over the ownership of a floor inSpringleaf Tower, a commercial building. Yongnam, which is the best performing stock in theAllSingapore index <.ASIN> so far this year, was one of the mostactively traded in Singapore. Shares in the firm last traded at S$0.555 before the tradinghalt this morning.

Bosch Washing Machines

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Venture to manufacture for payment technology leader Hypercom

Venture has entered into an agreement with US payment technology firm Hypercom Manufacturing Resources to jointly manufacture secure electronic payment transaction devices. With this alliance, Venture will provide almost the full value chain management services to Hypercom from production and testing to order fulfillment for the balance of 2007 and beyond. Hypercom, acknowledged as a leading supplier of point-of-sale equipment and other electronic payment solutions, manufactures out of Shenzhen and generated sales of US$248.6m (S$380.4m) in 2006. We noted in Hypercom’s 2006 annual report that the company intends to outsource more to third party manufacturers. No financial details were disclosed but Venture expects the partnership to contribute positively to revenue and would boost the company’s standing in the transactional devices eco-system. Maintain Buy on Venture with target price of S$18.90.

SingTel acquires 30% stake in Warid Telecom

SingTel has acquired 30% stake in Warid Telecom, owned by Abu Dhabi group, for about US$758m at about 2.5 times initial expectations of US$300m. The higher bidding price could be an outcome of bidding war with Vodafone and MTN. Pakistan’s telco market is attractive, given its low penetration rates of around 35% and growth prospects of around 35-40% yoy, in terms subscribers, projected for 2007. However, customer growth, may not translate into a similar revenue growth due to lowering of ARPU from tough competition and expansion into rural regions with lower per capita income. Warid is one of the six mobile-phone operators in Pakistan. Since the beginning of its operations about two years ago, the company has acquired 10m customers and a market share of 17%. The other mobile players in Pakistan are Mobilink (~43% market share), Ufone (~21.8%), Warid (~16.6%), Telenor (~16.5%), Paktel (~1.8%) and Pakcom(~0.5%). Positives 1) Warid has quickly grown its market share from 11% last year to 16.6% this year. 2) Have turned EBITDA positive this year with 9 months EBITDA of US$15m compared to full year EBITDA loss of US$20m last year. Negatives 1) Capex incurred for network expansion is substantially more than the revenue. Capex stands around 1.3 times the revenue and would continue to remain high over next 3-4 years due ot network expansion to rural areas. 2) Warid’s ARPU has come down substantially to US$5.4 from US$6.9 a year ago, due to majority of growth coming from pre-paid mobile and price competition in the market. This is 30-40% lower than other low-ARPU countries like India and substantially lower than other SingTel associate. 3) With a net debt of US$489m, the company has high net gearing of 60%. Overall, we think that Warid would be unprofitable in next 2-3 years horizon. We have slightly negative to neutral bias towards the acquisition, with SingTel going for an early stage investment in a fragmented market with high price competition. Maintain HOLD with TP of S$3.60.

gold coins

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Wilmar International : Merger process completed

BUY S$3.18; WIL SP; Price Target : 12 months S$ 3.65 �� Story: Wilmar announced on Thursday that it had completed the acquisition of Kuok Oils and Grains (KOG) and Wilmar Holdings Pte. Ltd (WHPL) interests in subsidiaries and associates other than those of Wilmar. �� Point: With the completion of these acquisitions, Wilmar’s merger with the Kuok Group and restructuring undertaking are in effect. �� Relevance: In our forecast, we had previously assumed consolidation starting 1 July 2007. We have now updated our forecasts to take into account the actual completion date of each of the acquisitions, as well as restatement of income contribution of WHPL assets from the beginning of the year – based on pooling of interest method. We have also updated Wilmar’s capacities and lowered the assumed EBIT contribution from its biodiesel plants. These changes resulted in 2007F and 2008F EPS upgrades of 21.9% and 2.9%, respectively. We maintain our target price at S$3.65/share and buy call on the stock.

Raffles Education : On an accelerated programme

BUY S$2.28; (Upgrade from Hold) RLS SP; Price Target : 12-month S$ 2.88 (Prev S$ 2.31) �� Story: We met management recently for an update, pursuant to its latest acquisition of Shanghai Zhongfa Education, and felt excited by the plans. �� Point: Zhongfa Education currently has a student base of about 2,700. This is projected to increase by another 1,300 in the new academic year starting Sep07. We estimate this acquisition could improve the Group’s bottomline by about S$4m in FY08F, at an average fee of RMB10,000/student/annum. �� Relevance: The latest acquisition is the third this financial year and we believe there is more in the near future, contributing towards management’s target of 50,000 student enrollment by 2010 – five years earlier than we previously envisaged. Given management’s track record and consistency in delivering on its plans, we believe it would be able to achieve that target. We are raising our TP to S$2.88 as we roll over our DCF to FY08F valuations. This equates to a PER of about 30x on FY09F earnings based on current operations; and, could look more attractive as they deliver more earnings accretive inorganic growth in the near future. Upgrade to BUY.