truck accessories

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Qian Hu Corporation

Strong 3Q07 results in line with expectations. Qian Hu Corporation Ltd (Qian Hu) reported its 3Q07 results yesterday, where the numbers were largely in line with our expectations. Revenue grew 19.6% YoY to S$22.7m, while net profit doubled to S$1.3m. Bottom-line growth outpaced top-line growth as the Group managed to keep its cost of sales and general & administrative expenses under control. Net profit margins across all segments continued to show YoY improvements, leading the overall net margin for the 9 months to Sep 2007 to come in at 6.6%, a 1.9ppt improvement from 4.7% a year ago. Revenue growth across the board. The revenue growth was attributed to growth in all three business segments. Among these three segments, the most outstanding growth was recorded by the accessories segment, which witnessed a 35.2% YoY increase in revenue to S$8.5m. This is in line with Qian Hu's strategy of growing its business via the accessories segment. The fish segment, which is currently contributes 50.6% of Qian Hu's revenue, grew 14.5% YoY to S$11.5m, while the plastics segment grew 2.3% YoY to S$2.7m. The strong growth in revenue was boosted by the Group's sales of ornamental fish and accessories to previously untapped markets such as the Middle East, Russia and Australia. Expect further growth from accessories segment. Qian Hu's accessories business looks set for further growth in FY08. Besides increasing its Guangzhou factory's output to meet the increasing orders from existing and OEM customers, the factory will also take over the production of Arcadia's orders in 2008. As utilization of the factory's capacity increases, we expect Qian Hu to reap economies of scale and improved margins. Keeping our forecasts and BUY call. Having displayed another quarter of organic growth, we are confident that Qian Hu is on track for growth in FY07 and FY08. We maintain our FY07 revenue and net profit forecasts of S$92.0m and S$4.3m respectively. The recent rights-cum-warrants issue has increased the liquidity of trading in Qian Hu's shares, and we have derived our fair value estimate based on the fully-diluted EPS (assuming full conversion of warrants). Based on a similar 17x FY08 PER, we derive a fair value estimate of S$0.21, representing a potential 26% upside from the last traded price. Maintain BUY.

Miyoshi Precison Ltd

Major non-Seagate HDD supplier. Miyoshi Precision, a manufacturer of top covers for hard disk drive (HDD), offers an opportunity to ride the growth potential of the other OEM HDD makers, namely the Japanese makers such as Hitachi GST (HGST) and Fujitsu. Although Seagate continues to be the dominant market leader (35.3% of HDDs shipped in 2Q07), we believe there is enough growth in the industry to benefit other HDD OEMs. Both HGST and Fujitsu, which are major customers of Miyoshi, collectively commanded 25% of the HDD market in 2Q07. HDD outlook should remain buoyant. According to the latest report from IDC, the HDD industry is expected to more than quadruple by 2011 the total HDD capacity shipped in 2006 to 675m units, where revenue is expected to hit US$37b. And to cater to this growth, Miyoshi has embarked on expanding its operations in China and around Asia. Miyoshi's enlarged operations in Malaysia are already up and running, while its new China facility is expected to be fully functional by June 2008. 1H07 results suggest worst is over. Miyoshi posted a very positive set of 1H07 results ended 28 Feb, with revenue up 25.7% YoY and 19.6% HoH at S$81.7m, while net profit jumped 81.0% YoY and 61.8% HoH to S$6.8m, aided by strong demand from its Data Storage segment. Miyoshi also continued to enjoy cost savings from its Regional Business Ring Strategy, leading to further improvements in margins. In fact, net margin of 8.3% for the half, up from 6.1% in the prior half, was the best showing in 2.5 years, and we believe the soon-to-be released 2H07 results will further confirm that Miyoshi has turned the corner. Venturing beyond HDD. Going forward, Miyoshi is also branching out into other areas to tap the growing demand for metal stamping and precision engineered components. Management has identified two potential growth areas in the automotive and medical devices industry and Miyoshi has made some inroads in the automotive sector. Besides offering better margins, these new businesses will also provide some measure of stability against the more cyclical HDD business. Initiate coverage with BUY and S$0.31 fair value. Given the still buoyant HDD industry outlook and Miyoshi's strong relationship with the Japanese HDD makers, we are positive on Miyoshi and we initiate coverage with a BUY rating and a fair value estimate of S$0.31 based on undemanding 9x FY08 earnings.

gold

gold is the in thing now. Now only do people buy gold as a jewelry but people are buying it for investment. Gold can be bought in various forms ie in ingots or in coins. Monex Deposit Company (MDC) you can purchase gold or other precious metals 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 and precious metals investment leader. It is also a very populat item in commemarative issues of gold coins and lot of people have been buying them for investment. Gold is here to stay since the ancient period to now and the future. Your leader in investment of precious metal is none other then Monex Deposit Company (MDC)

Reyphon Agri

Lagging behind in the S-share euphoria - Reyphon Agri has been a late mover in the S-share excitement that surfaced over the last few trading days. - Yesterdays price surge took Reyphon Agri past its recent high on 6th Sept at S$0.425. This price breakout was on the back of strong volume, coupled with the RSI trading some distance below the overbought region, we believe Reyphon has more room to move higher. - The price move yesterday has brought Reyphon Agri towards the 38.2% Fibonacci level at S$0.46 to close above it at S$0.465. This signals the bullishness in the move up at this stage. - We expect Reyphon Agri to attempt to fill the price gap that occurred between 8th and 10th August. This gap sits just above the 1st resistance level at S$0.46. Subsequent resistance set at the 61.8% Fibonacci level at S$0.56. Support set at S$0.38.

Advance SCT

Extending supply chain into China Expanding global footprint via JV in China. Advance SCT has entered into a joint venture with Shenyang Lian Li Non-Ferrous Metal Smelter (SYLL) to own and operate an existing copper smelter in Shenyang City, Liaoning Province. The copper smelter is currently in production and is capable of producing 50,000MT of copper anode per annum. Copper anodes produced by the JV will be further processed into Shanghai Futures Exchange (SHFE) grade copper cathodes by outsourcing to a SHFE accredited refinery. A special purpose vehicle SCT (China) Pte Ltd will be incorporated as a holding company for the JV. Advance SCT will contribute US$4m in cash for a 80% stake in SCT (China) Pte Ltd. SYLL will contribute its existing copper smelter comprising plant, buildings, mechanical equipment as well as operating approvals and industrial property rights for the remaining 20% stake. The JV plant is located near Shenyang, a major gateway city to the industrial and resource rich areas in north eastern China. This is a good deal. Advance SCT has extended its supply chain for recycling of copper to China. It will also sell at least 30,000MT of recycled scrap copper each year to the JV as part of the agreement. The JV plant is Advance SCT’s second operational copper smelting plant. It is currently under-utilised. Advance SCT will invest US$1-2m to upgrade the smelter to increase production output of copper anode to a minimum of 30,000 MT by end of 2008. Advance SCT previously acquired an 80% stake in TTM Industries (TTMI) for S$15.5m. TTMI owns a copper smelter with production capacity of 60,000MT/year in Port Klang, Malaysia. This works out to US$218/MT for cost of investment for smelting capacity. Comparatively, the cost of investment in China is only US$100/MT, which is less than half compared to the acquisition of TTMI in Malaysia. Reiterate BUY with target price at S$1.50 based on FY08 PE of 12.5x (Norddeutsche Affinerie 12.8x, Cumerio 14.9x). China accounts for 29% of sales in 1H07. Sales in China come from distribution activities, mainly for copper anode balls, and recycled scrap copper. The JV in China will further increase revenue contribution from China to above 50%. We will revise our earnings forecast after we get more financial details concerning the JV.

vendstar

Be your own Bosss. Now you have vendstar a company established in 1990 and has become one of the leading bulk candy vending machine manufacturers in the United States. They are able to boast the manufacturer of the ultimate machine the Vendstar 3000, provides a unique opportunity for individuals and entrepreneurs to obtain the American dream of financial freedom. Claim to be the world’s largest bulk vending machine company, you can join in this rich tradition that Americans have enjoyed for over 100 years!Since the beginning of 2003, Vendstar has established a worldwide presence and welcomed almost 9,000 members to the Vendstar Family and the numbers keep growing. There is money to be made in bulk vending machines as they are a 100% cash business and can provide up to an 80% profit margin.

Noble Group Ltd:

Noble Group Ltd (Noble) looks on track for strong growth, having posted a64% YoY growth in revenue to US$10.1b and a 66% increase in net profitto US$99.5m in 1H07. Noble is one of the dominant players in the lucrativecarbon market (estimated to be worth €4.6b to €200b by 2010), accountingfor 25% of the total pool of Certified Emissions Reductions (CERs) issued.In terms of its traditional businesses, the operating environment remainshealthy. The global ethanol industry grew 22% in 2006 and is expected tocontinue to grow strongly, driven by the implementation of the RenewableFuels Standard blending mandate, tax subsidies and high oil prices. Pricesof agricultural products have been rising since May 2006, indicating thestrong demand for these goods. The reduction in the U.S. federal fundsrate will help to sustain economic activity, leading to continued demand forenergy-related products (coal, ethanol, corn and sugar) and constructionmaterials (iron ore). We expect Noble to benefit from the rising commoditydemand. We forecast FY07 revenue of US$19.7b and net profit ofUS$192.5m and derive a fair value estimate of S$2.20 based on 17x blendedFY07/08 PER. As Noble has run up recently, we resume coverage onNoble with a HOLD rating.

Chip Eng Seng

Break out in progress- Chip Eng Seng has tested the upper band of the wedge pattern twice overthe last 4 weeks since recovering from its mid-August plunge.- Yesterday's price action saw the stock break out of the wedge pattern onthe back of strong volume, indicating that the up-move could progressfurther.- Although the stock failed to clear the 50% Fibonacci retracement levelyesterday, we anticipate that Chip Eng Seng will take out this resistancesoon. It will subsequently face resistance at the 61.8% and 78.6%Fibonacci levels at S$0.90 and S$0.99 respectively.- We are witnessing the short-term stochastic indicator rise above theoversold region, thus we expect more upside hereon.- Support set at S$0.78.