Transaction of My Portfolio

Bought

Pacific Shipping Trust @ US$0.13

Transactions of My Portfolio

I have made the following changes to my portfolio over the past week:

Sold:

China XLX
China Energy
Babcock & Brown

Bought:
First Shipping Trust
Raffles Edu (averaging down)
Swiber (averaging down)

Sihuan Pharmaceutical earns spot in Forbes Asia’s list of 200 “Best under a billion” companies

Award recognises Sihuan’s achievement of consistent sales and earnings growth

Group will continue to widen its marketing network to enhance its leadership in China’s CV drug sector

SINGAPORE, 3 November 2008

SGX mainboard-listed Sihuan Pharmaceutical Holdings Group Ltd (Sihuan, the Group, 四环医药控股集团有限公司), a leading manufacturer of cardiocerebral vascular (CV) drugsin China, has earned a place in Forbes Asia Magazine’s list of 200 “Best under a billion”companies. It is the only Singapore-listed pharmaceutical company selected in 2008. The list is independently compiled by Forbes and updated yearly, as a means of recognising Asia’s top 200 public-listed companies with sales of less than US$1 billion.

To pick the companies, Forbes looks for consistent growth in both sales and net profit after tax and minority interest (PATMI) over three years. Sihuan secured a 98% rise in PATMI to RMB179.3 million after boosting turnover by 77%rise to RMB286.3 million in the year ended 31 December 2007 (FY07). It was able to achieve such solid growth because of robust demand for the Group’s wide range of CV as well as non-CV drugs in the PRC.

For the latest nine month-reporting period ended 30 September 2008 (9M FY08), Sihuan continued to deliver an impressive performance. It increased PATMI by 42% to RMB179.7 million, exceeding the full-year profit for FY07. The Group’s 9M FY08 sales surged to RMB366.1 million, driven by the strong take-up of its top products such as Kelinao, Anjieli and Chuanqing. Sales were also boosted by increasing acceptance of its other drugs such as QuAo/Ninxinao (cerebroprotein hydrolysate injections), which are distributed by Shenzhen Sihuan, the Group’s marketing and distribution arm.

Dr Che Fengsheng (车冯升), Sihuan’s Executive Chairman and Chief Executive Officer, said: “The award recognises our concerted efforts over the past few years to build up our sales and distribution networks. We will continue to penetrate new markets and widen our well-established marketing network so that Sihuan can enhance its leadership in China’s CVdrug sector.”

Sihuan expects the increased government support on developing the healthcare sector to help boost growth in demand for its drugs. Given its competitive strengths, the Group is well-positioned to seize any attractive opportunities that might arise from the growth in the healthcare and pharmaceutical sectors.

End of Nov 2008 Share Portfolio Review

Latest Holding of My Portfolio ~ November 2008

Babcock & Brown
Cacola Furniture
Challenger
China Taisan
Courage Marine
China Energy
China Zaino
Courage Marine
Lizhong Wheel
China XLX
Jiutian Chemical
Sihuan
Swiber
Asia Enterprise
Midas
Raffles Education

Press Release - Lizhong Wheel 9M2008 revenue up 15% to RMB774.7 million on higher sales across major business segments

Courage Marine reports flattish 9M08

Strong luggage demand boosts China Zaino’s 3Q2008 revenue by 42% to RMB585.3 million

Sihuan Q3 Result Release

NEWS RELEASE - MIDAS REPORTS 4.4% INCREASE IN 9MFY08 NET PROFIT TO S$24.2 MILLION

Former Seksun Founder Dr Felix Ong To Be Appointed As Group's Chief Adviser of China Taisan

NEWS RELEASE - RAFFLESEDUCATIONCORP ACHIEVES 100% GROWTH IN NET PROFIT FOR FIRST QUARTER FY2009

Asia Enterprise Q3 Result Release

6 November 2008 ASIA ENTERPRISES’ 3Q08 NET PROFIT UP 57% TO S$8.4M

- Net profit of S$23.9 m for first 9 months of FY2008 already higher than in FY2007

“We have turned in a commendable performance for the first nine months of 2008. While the operating backdrop for regional steel distributors has become more challenging, Asia Enterprises' long held practice of maintaining sound financial fundamentals will better position us to withstand the industry slowdown as well as be ready to capitalise on opportunities that arise.”Mr Lee Choon Bok, Chairman and Managing Director of Asia Enterprises Holding Limited

3Q08 Results Review

Revenue sustained amid slower market conditions Group revenue in 3Q08 was flat at S$43.8 million. This was due mainly to softer demand for steel, which reflected increasing concerns of tighter credit conditions and an impending economic slowdown.

Sales led by shipbuilding and marine-related sectors

Sales to customers in the shipbuilding and marine relatedsectors rose marginally to S$30.2 million toaccount for 69% of Group revenue. The remaining 31% of Group revenue was contributed by stockists/traders and customers in the construction, engineering/fabrication, manufacturing and precisionmetal stamping sectors.

Steady sales to Singapore market

Sales to Singapore rose 8% to account for 39% of Group revenue on the back of the continuing steel requirements for customers’ ongoing projects. Sales to Indonesia and Malaysia accounted for 47% and 12% respectively, with the remaining 2% from other Asia Pacific markets.

Profits boosted by expansion in margins

The Group recorded an exceptional gross profit margin of 31.1% in 3Q08 compared to 20.6% in 3Q07, thanks to higher average selling prices of its steel products. Coupled with a lower effective tax rate following its entry into the Global Trader Program from 2008, the Group’s net profit margin jumped to 19.1% in 3Q08, from 11.7% a year ago.

Growth Strategies and Outlook

Worldwide demand for steel is generally expected to weaken as a result of slowing economic conditions and tight credit markets. After peaking in late July/early August, global steel prices have since declined sharply. The World Steel Association is now forecasting global steel consumption growth in 2008 to slow to 5%, from about 7.5% in 2007.

In the near term, the outlook for regional steel distributors has become more challenging and volatile. With tighter access to credit financing and changing economic circumstances for many projects, highly competitive conditions are expected to prevail in the region’s steel industry. As a result, steel prices are generally expected to stay soft during the remaining months of 2008. To better withstand an industry slowdown and be ready for opportunities that may arise, AsiaEnterprises will ensure it maintains a sound financial position, a practice that has enabled the Group to successfully weather periods of significantly unfavourable business conditions over the past 35 years.

As at 30 September 2008, the Group had total assets of S$171.2 million and shareholders’equity of S$110.7 million, of which S$12.4million comprised of cash and cash equivalents. While the Group has already exceeded its FY2007 net profit, it expects a more volatile and challenging operating environment for steel distributors over the coming months.

China Taisan Q3 Result Release

China Taisan registers sterling 70.5% growth in 9M08 net profit to RMB182 million

9M08 revenue rose 66.8% to RMB850.2 million

9M08 gross profit margin improved 2.7ppt to 32.1% due to higher average selling price, and improved product mix

Order book of RMB300.0 million as of 31 October 2008

Singapore, 4 November 2008 – SGX Mainboard-listed China Taisan Technology Group Holdings Limited (“China Taisan” or the “Group”), a leading producer of knitted performance fabrics used in sports and leisure apparel for renowned brands such as Nike, Adidas, Umbro, Septwolves (七匹狼), Li-Ning (李宁), Anta (安踏), and Metersbonwe (美特斯邦威) is pleased to announce a 70.5% improvement in net earnings for the 9 months ended 30 September 2008 to RM181.8 million.

With continued growth in demand for performance fabrics that command higher selling prices, the Group saw revenue improve 66.8% to RMB850.2 million in 9M08. The stronger revenue was also a result of higher average selling prices (“ASP”) across all product sectors, with weighted average ASP increasing 38.2%.

Gross profit improved 81.8% to RMB272.5 million while the overall gross profit margin jumped 2.7 percentage points to 32.1% on the back of: (i) continued shift in product mix to focus on higher-margin performance fabrics; (ii) ability to increase ASP to more than offset rising costs

The Group’s cash flow remains healthy, with net cash generated from operating activities of RMB198.8 million as compared to RMB58.0 million in 9M07. EPS grew 50.1% from RMB15.14cents to 22.73 RMB cents.

“Post Olympics, we are seeing more sports awareness in the country and consumers are now more brand conscious. Sports brands are eager to differentiate themselves with extensive advertising and product differentiation. Tapping on that, we are continuously maintaining our competitive edge through R&D to introduce more functionalities with enhanced effects. We believe our customers, who are mainly larger players in the industry, will gain market share with such strategies. In turn, we are set to grow along with our customers.”- Mr Lin Wen Chang (林文章) Chief Executive Officer

Future Outlook

The Group is moving ahead with expansion plans, and as at 4th November 2008, 20 multi-track electronic tubular knitting machines have been delivered and installed. The remaining knitting machines and fabric face finishing and processing equipments are on track to be installed by the end of this year. The new equipments will expand China Taisn’s knitting capacity and product range for performance fabrics that incorporate higher value-adds, such as spandex.

“Despite the global financial crisis and post Olympic effects, many of our end sportswear customers have indicated strong demand for 2009 summer season. The 4th quarter is typically our busiest time of the year as customers start to stock up for the summer season. Furthermore, with the new status of approved supplier for renowned brand ssuch as Metersbonwe, we are expecting order volumes for performance fabrics to go up.- Mr Lin Wen Chang (林文章)Chief Executive Officer

As the Group transits to the seasonally peak period in the 4th quarter, the order book as at 31October 2008 stood at RMB300.0 million. These confirmed orders are expected to be fulfilled within the next three months. Barring any unforeseen circumstances, the Board of Directors remains positive about the Group’s performance in the current financial year. Based on IPO plans, the Group intends to distribute at least 30% of net profit for FY2008 and FY2009 as dividends.

Sihuan Q3 Result Release

Sihuan on track for record 2008 from robust demand for its CV and non-CV drugs in China

9M08 net attributable profit of RMB180m has already exceeded 2007’s full-year profit

Strong cashflow from operations gives Group cash position of RMB228m and zero debt

Sihuan’s pipeline of drugs like GM-1 and Edaravone will strengthen Group’s market leadership in China’s cardiocerebral vascular sector

SINGAPORE, 3 November 2008 FOR IMMEDIATE RELEASEA leading manufacturer of cardiocerebral vascular (CV) drugs in China, Sihuan Pharmaceutical Holdings Group Ltd. (Sihuan, the Group,四环医药控股集团有限公司), is on track for a record profit for 2008. Not only has net attributable profit for the nine months to 30 September 2008 (9M08) swelled 42% year-on-year (yoy) to RMB179.7million, it has also surpassed the profit achieved for full-year 2007 of RMB179.3 million.

Group revenue surged 95% yoy to RMB366.1 million because of robust demand for Sihuan’s wide range of cardiocerebral vascular (CV) as well as non-CV drugs in the PRC. The 73% yoy growth in CV drug sales in 9M08 was driven by the strong take-up of its top products – Kelinao, Anjieli and Chuanqing – as well as the fast-rising acceptance of QuAo/Ninxinao (also known as cerebroprotein hydrolysate injections), which is distributed by Shenzhen Sihuan.

The Group’s non-CV drugs registered sales of RMB66.6 million in 9M08, a 334% rise from 9M07’s RMB15.4 million, largely because of contributions from wholly-owned Shenzhen Sihuan Pharmaceutical Co., Ltd (Shenzhen Sihuan). The maiden pre-tax profit of RMB5.6 million from 45%-owned distribution firm Beijing Purenhong Pharmaceutical Co., Ltd (Beijing Purenhong) also lifted the Group’s earnings.

Dr Che Fengsheng (车冯升), Sihuan’s Executive Chairman and Chief Executive Officer, commented: “All along, Sihuan has carefully maintained a strategy of enhancing our edge in CV drugs while diversifying into the non-CV drug segment through organic growth acquisitions that strengthen our R&D, marketing and distribution. This strategy has paid off handsomely, putting us in an excellent position to achieve outstanding results for the full year of 2008.

“We are confident that our pipeline of new drugs – such as GM-1 or Aogan, Luoanming and Edaravone – will add noticeably to our earnings when they are launched next year and will boost Sihuan’s market leadership in China’s CV drug sector. We also expect to receive further approvals from China’s State Food and Drug Administration for other new products that we have lined up in both the CV and non-CV drug segments.”

Sihuan generated strong cashflow from its operations of RMB146.1 million in 9M08, against RMB107.6 million previously, given the Group’s prudent working capital management, With this, Sihuan enjoyed a strong cash position of RMB227.7 million, with zero debt, despite making investments of RMB108.2 million to sharpen its competitive edge in the PRC pharmaceutical sector.

Given these factors, the Group is well placed toovercome the current challenges presented by the financial crisis worldwide, and to even strengthen its leading position. The Group expects the PRC pharmaceutical industry to consolidate further, so the operating environment is likely to remain competitive. However, recent moves by the Chinese government to raise subsidies to the healthcare sector and launch the medical insurance scheme, are already impacting the pharmaceutical industry positively and lend support to its continuing growth.

Added Dr Che: “We see the industry’s further consolidation as positive developments because we believe that our strong R&D capability and high product quality that meet stringent regulatory standards will clearly differentiate Sihuan from its competitors. Sihuan is therefore well-positioned to seize any opportunities presented by these macroeconomic policy changes.” Just two weeks ago, the Group boosted its portfolio by acquiring the right to distribute and sell a well-received drug, Edaravone, in China. This drug – which complements the Group’s flagship product, Kelinao – improves efficacy in the treatment of stroke patients. Sihuan will start distributing Edaravone by the end of 2008 and is optimistic about itsability to penetrate and enjoy a good share of the drug’s current market.

End of Oct 2008 Share Portfolio Review

Latest Holding of My Portfolio ~ October 2008

Cash
Babcock & Brown
Cacola Furniture
Challenger
China Energy
China Taisan
China Zaino
Courage Marine
Lizhong Wheel
China XLX
Jiutian Chemical
Sihuan
Swiber

CPF
Asia Enterprise
Midas
Raffles Education

Own Portfolio Transaction:

Bought Babcock & Brown Global Investments @ $0.075 today.

Sihuan Pharmaceutical Holdings Group Ltd - Secured rights to distribute a ‘popular’ CV drug, Edaravone

• Sihuan Pharmaceutical Holdings Group Ltd (“Sihuan”), a leading manufacturer of cardiocerebral vascular (CV) drugs in China, has been awarded the rights to sell and distribute the already popular drug Edaravone in the PRC.

• Sihuan’s wholly-owned Shenzhen Sihuan Pharmaceutical Co., Ltd. will pay RMB 3 million for the right to distribute the drug for 5 years commencing from 8 October 2008, the date of successful registration with China’s State Food and Drug Administration.

• Edaravone is an active ingredient which protects the brain by quickly eliminating excessive free radicals which are highly reactive molecules occurring in the human body, particularly after a stroke, and stabilizes the patient’s condition.

• The drug is also one of the most effective neuro-protective agents and is in fact, the only neuro-protective agent recommended by the Japan Stroke Therapeutic Guide (2004) for the prevention of brain-cell damage arising from strokes.

• Sihuan manufactures drugs at its own production facilities but also engages third-party contract manufacturers. In addition, it is the exclusive distributor of several drugs for an unrelated pharmaceutical company.

The above is reproduced from Westcomb Research

Swiber breaks into subsea services market - Clinches maiden US$7million project in India

SINGAPORE – 13 October 2008 – Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class service provider in the offshore industry, is moving deeper into the lucrative subsea services market. The Group today announced that Kreuz Subsea Pte. Ltd. (“Kreuz Subsea”), a company in which it holds 70% interest has clinched its first Letter of Intent (“LOI”) to provide subseaservices for an offshore project in India with an approximate project value of US$7million.

As part of the project scope of work, the Swiber Group will utilise its recently acquired state-of-the-art Saturation Diving System (“SAT System”) to provide subsea diving support services, including dive personnel, equipment and subsea procedures, for aduration of three months to the customer. The project is expected to commence approximately end of October, when the SAT system reaches the offshore location in India. The subsea services market is an area that Swiber has identified as a key growth driver for the Group, one which is in perfect complement to its core OffshoreConstruction Services (OCS) and Offshore Support Services (OSS).

In a move to further develop and spearhead its subsea business, Swiber incorporated Kreuz Subsea in July 2008. While Kreuz Subsea has already rendered subsea services to its sister companies within the Swiber Group, this US$7 million project represents a breakthrough for the subsea unit being its maiden project for a 3rd party since itsincorporation.

Said Mr Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, “The extension of our capabilities to provide subsea services strongly enhances the marketability of Swiber to offshore customers. With it, we are transformed into a fully integrated offshore player in every sense of the word - from EPCIC to marine support services to subsea services. We believe that our all-round service capabilities in the offshore sector will strongly position Swiber to capitalise on any and all opportunities in the industry.”

Some of my thoughts ....

It has been doom and gloom for the past few weeks. The world seems to be falling apart. I am sharing some of my experience of the past 1 month or so....

On the share market

I remember one morning my boss suddenly called for a meeting and asked my opinion about the market condition and the directions. I just told him to stay away from the market. Don't look at the index and individual stocks. The time is still not ripe for bottom fishing. We are still not feeling the pinch. So should just wait for more tangible impact such as slowing sales etc.

Not doing anything is also a strategy. I suggest to start looking when the index goes below 1800 and may start buying slowly at around 1500. Worst case scenario is probably around 1200.

On my own share investment

I am glad that many of my counters are now at low 10~ 20 cents. Many others are at 50 cents range. The good news is bottom is near. How much lower can they go? Surely wouldnt drop to 0.005 if the companies are still profitable. 5 to 10 cents would probably be the bottom where all of the negative news factored in.

Forget about fundamental or technical analysis. It is non sense to talk about PE or ROE now. Cheap can get even cheaper.

I just hope they would stay at such levels for a while for me to accumulate more. I really hope for the market to drop further more. If you want to make a lot of money from shares, this must happen. When people complained about high oil prices and rising costs, i gave them 2 options. 1: let the bull continue to charge but u make enough from shares to cover or 2. wait for the whole financial world to collapse and we start the cycle all over again. Sounds simple is't it but this is very true. If the cycle doesnt repeat itself, how are we going to afford to buy a car or condo?

Sometimes i look at people face they are really worried. One senior colleague near retirement age still buying heavily into Keppel and OCBC. My God, it takes a brave heart to see prices dropping like bird poo. I wanted to bet with him that that Keppel Corp would be at $2 to $3! Anyway buffer another 50% from current levels should be just fine. Sounds complacent? Lets wait and see..

If u have a longer time frame and do not borrow to invest, then u should be happy with the current crisis (of course assuming u still keep your job and no pay cut). I am happier by the day and hopefully my job is still intact by the end of this correction. When i think that i might be able to buy stocks that i could not afford before, its mouth watering prospect. This is driving me on..


On asking the central bank to compensate for losses on investments

Sorry to say but i think not easy. I spoke of this with my dad over dinner. His first reaction is. If these people made money, would they pay the government? probably not. When i lost money by investing in companies run by crooks, who will compensate me? Nobody. Just bad luck. You can blame the company management, the analysts and yourself but so what? Life goes on and on...
Greed is the devil.


On personal life

Hey man. Enjoy life. F1 and Liverpool ....


to be continued.....

Closure of Virtual Fund

Transaction of Virtual Fund ~ 10 Oct 2008

Sold: 800,000 HSI 16200 MBL EPW081127 @ $0.94
Overall net gain = $258,430 = 51.7%
Sum invested = $0
Cash holding = $758,430

The Virtual Fund is now closed after achieving the target 50% gain on the virtual capital of $500,000.

Transaction of Virtual Fund ~ 6 Oct 2008

Bought:

800,000 HSI 16200 MBL EPW081127 @ $0.445

Sum invested = $356,000
Cash holding = $6,430

Swiber strengthens foothold in Vietnam; Seals LOI with value worth up to US$7.3m if all options are exercised

SINGAPORE – 6 October 2008 – Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class service provider in the offshore industry, today announced that it has successfully sealed a charter contract, worth approximately US$7.3 million, for one of its 5,000 BHP AHTS (the Swiber Ada) in Vietnam. The contract commences in mid October 2008 for a duration of six months and includes options for two additional six-month extensions.

As part of the contract, Swiber’s subsidiary Kreuz Offshore Marine Pte Ltd (“KreuzOffshore”), will charter Swiber Ada to Petroleum Technical Services CorporationMarine Co., Ltd (“PTSC”) to support mooring, berthing, and lifting operations of FPSOsat PTSC’s Truong Son Joc’s operations in Vietnam. PTSC is a member of the PetroVietnam group of companies.

This latest charter contract comes swiftly on the heels of Swiber’s successful entry toVietnam in July this year as it secured its maiden offshore construction project with state-linked Vietsovpetro (“VSP”). Says Mr Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, “The opportunities in Vietnam’s offshore industry are extraordinary and Swiberis off to a great start, first with our offshore construction project with VSP in July and now with this offshore marine charter with PTSC. And we are determined to further strengthen our presence in the country with the help of our partners.”

In September 2007, Swiber had formed non-exclusive cooperation agreements with two Vietnamese state-linked oil and gas companies, Vietnam-listed Petrovietnam Construction Joint Stock Company (“PVC”) and VSP. The goal was to jointly explore opportunities for exchanging information, cooperation, and technical assistance inorder to foster mutual development and strengthening of the parties’ position in the oil and gas industry in Vietnam and overseas.

End of Sep 2008 Share Portfolio Review

Latest Holding of My Portfolio ~ September 2008

Cash

Cacola Furniture
Challenger
China Energy
China Taisan
China Zaino
Courage Marine
Lizhong Wheel
ChinaXLX
Jiutian Chemical
Sihuan
Swiber

CPF

Asia Enterprise
Midas
Raffles Education

Transactions of Virtual Fund ~ 30 Sep 2009

Sold
300,000 of HSI18400MBLePW081030 @ $0.60
400,000 of STI2350BNPePW081230 @$0.45

Sum invested = $0
Cash holding = $362,430

Transactions of Virtual Fund ~ 29 Sep 2008

Bought
300,000 of HSI18400MBLePW081030 @ $0.465
400,000 of STI2350BNPePW081230 @$0.365

Sold
China Fish, realised loss -$31,600
Raffles Education, realised loss -S$24,900
Noble Group, realised loss -$63,800
STX Pan Ocean, realised loss -S$120,390
Total Realised Loss = -S$350,860 = -70%
Sum invested = $266,000
Cash holding = $2,430

MIDAS ENTERS SOUTH KOREAN MARKET - To supply 66 train cars for Incheon International Airport Railroad Project

Singapore, September 11, 2008 – Mainboard-listed Midas Holdings Limited (“Midas”) (麦达斯控股有限公司) announced today that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd (“Jilin Midas”) (吉林麦达斯铝业有限公司), has successfully secured a contract worth Euro 2.35 million (approximately S$4.73 million) to supply aluminium alloy extrusion profiles for 66 train cars for Incheon International Airport Railroad Project in South Korea.

Awarded by Hyundai Rotem Company, this contract marks Midas’ first foray into the South Korean market, and yet another milestone in the Group’s international market expansion efforts. “We are very excited to be able to break new ground in the South Korean market and expand our market presence outside of China. This contract is yet another testament to the international recognition accorded to the quality of our products and services.

Moving forward, we will continue to strengthen the international presence of our products and services as well as grow our global export orders,” said Mr Patrick Chew (周华光), CEO of Midas.The contract is expected to be fulfilled in 2009, and is, therefore, expected to contribute positively to the Group’s financials for the financial year ended December31, 2009.

End of August 2008 Share Portfolios Review

Performance of Virtual Fund ~ August 2008

China Fish -$23,600
Raffles Education -S$26,100
Noble Group -S$20,700
STX Pan Ocean -S$68,390

Total Unrealised Loss = -S$138,790 = -27.76%
Sum invested = $524,510
Cash holding = $4,110
Realised Profit = $28,620 = 5.724%

Latest Holding of My Portfolio ~ August 2008

Cash

Cacola Furniture
Challenger
China Energy
China Taisan
China Zaino
Courage Marine
Lizhong Wheel
ChinaXLX
Jiutian Chemical
Sihuan
Swiber

CPF

Asia Enterprise
Midas
Raffles Education

Transaction of Own Portfolio

Bought today:

China Taisan at $0.18

Swiber at $1.46 (averaging down)

Transaction of Own Portfolio

Bought:

China Zaino at $0.41 today

Raffles Education Corp FY08 Results News Release

RAFFLES EDUCATION CORP DELIVERS ANOTHER RECORD NET PROFIT OF S$99.4 MILLION IN FY2008

- Revenue increased 53.2% to S$190.0 million

- Net profit increased 95.9% to S$99.4 million

- Net asset value increased 111.3% to 16.06 Singapore cents per share

- Strong cash position of S$68.5 million

- Positive maiden contributions from Oriental University City, Hefei WanboCollege and Shaanxi Electronic Information Institute

- Proposes final dividend of 1.0 Singapore cent per shareFY2008

Singapore, August 25, 2008 – Mainboard-listed Raffles Education Corporation Limited(“RafflesEducationCorp” or “the Group”), the largest private education group in the Asia Pacific region, today announced another set of good results for the financial year ended June 30, 2008 (“FY2008”).

Net profit increased to a record-breaking S$99.4 million for FY2008, up 95.9% from the S$50.8 million recorded in FY2007. This was achieved on the back of a 53.2% increase in revenue to S$190.0 million in FY2008. The Group’s strong performance was a result of increased student enrolment, an increase in course fees, new contributions from the Group’s recent acquisitions of Oriental University City, Hefei Wanbo College and Shaanxi Electronic Information Institute.

Mr Chew Hua Seng, Chairman and CEO of RafflesEducationCorp, said, “We are pleased to deliver another year of record growth. We have a scalable business model in the growing education industry and a proven track record to deliver. We are confident of continued growth both organically and through strategic acquisitions.”

RafflesEducationCorp’s balance sheet further strengthened with a sharp increase of 111.3% in net asset value to 16.06 cents as at June 30, 2008. Its cash and cash equivalents stood at S$68.5 million. To reward its shareholders, the Group has proposed a final, tax-exempt dividend of 1.0cent per ordinary share, payable on November 14, 2008, making a total of 2.95 cents per ordinary share.

Outlook And Prospects

Moving forward, the Group expects to continue expanding its business through the establishment of more colleges in the region, strategic acquisitions, as well as through value creation of Oriental University City. The continued development of its proprietary courseware will also reinforce the Group’s brand name regionally.

Transactions of Own Portfolio

Sold last friday:

Noble $2.07
STX Pan Ocean $2.65

Bought today:
Courage Marine $0.325
Challenger $0.28

Noble Group

Management’s discussion and analysis of financial condition & results of operations for the first half year ended June 30, 2008

http://www.thisisnoble.com/images/documents/mdnaq22008.pdf

Noble Group 1H Financial Highlights

Financial Highlights – 1H 20081

􀁺Revenue rose to $19.9 billion in 1H 2008 vs$10.1 billion in 1H 2007
􀁺Gross profit hit a record six month level of $778 million with a 3.9% gross profit margin
􀁺Net profit rose to $290 million -a 1.5% NPM versus 1.0% level in 1H 2007
􀁺Return on average shareholders’equity achieved an annualized 33.9%
􀁺Cash of $803 million and available committed/ uncommitted banking facilities of $2.5 billion
􀁺Gross Debt/EBITDA improved to 3.01x for 2ndQ 2008 and 3.30x for 1stH 2008

FIRST HALF 2008 RESULTS - NOBLE GROUP STRATEGY RESULTS IN RECORD FINANCIAL RESULTS

REVENUES : UP 98% TO RECORD US$19.9 BILLION

GROSS PROFITS : UP 138% TO RECORD US$778 MILLION

NET PROFITS : UP 191% TO RECORD US$290 MILLION

Noble Group (SGX: NOBL), a global supply chain manager of agricultural, metals, minerals and ores, and energy products, announced record Group revenues ofUS$19.9 billion and US$10.4 billion for the six months and second quarter periods, respectively, ended June 30, 2008. Revenues growth continues to be well diversified with each of our four business segments reporting revenues increases of between 65% and 125% compared to their respective first half 2007 results.

Group tonnage volume rose to a record 77.5 million metric tons, a 32% increase for the sixmonths ended June 30, 2008, led by strong increases in the Group’s bulk commodity divisions: iron ore, coal and coke, and grain as well as from our clean fuels, aluminium andchartering divisions.

Group gross profits rose to a record US$778 million in the first half 2008 compared to US$327 million in the first half 2007 with each business segment reporting significantly improved results. Profit diversification continues with each of the segments contributing between 20-30% of the aggregate Group gross profits. Gross profits for the second quarter 2008 were US$423 million compared to US$194 million for the second quarter 2007.

Gross profits for the first half 2008 reflected the highest six month total in the Group’shistory while the second quarter’s gross profits represented the fifth consecutive quarterly increase. Chairman David Eldon commented, “Our first half 2008 business performance reflects verypositive results and demonstrates Noble’s business strategy is working well. Noble’s management team has focused on positioning the Group to take advantage of strong demand fundamentals, accessing low cost production capacity, and building a pipeline strategy which creates multiple profit points linked to high demand markets. As the team executes, it creates an opportunity to build on our successes and a long term sustainable business.”

Noble’s net income for the first half 2008 was US$290 million and nearly triple the first half 2007 results. Net income in 2008 includes a one off gain on disposal of shares in the amount of US$48 million, but even excluding that event, first half 2008 net profitability represents the highest six month net profit level in the Group’s history.

Noble’s first half 2008 net income was higher than the result for any previous full financialyear. David Eldon added, “As we mentioned in our first quarter 2008 commentary, we are optimistic that even a moderate economic growth environment buoyed by continuing strong demand from our key consumer markets will continue to create a strong foundation for continued growth at Noble in 2008.”

The return on average shareholders’ equity was 33.9% for the first half 2008 compared to a20.6% return on equity for fiscal 2007. As of June 30, 2008, Noble maintained a cash position of US$803 million. For the first half 2008, earnings per share rose 169% to US9.07 cents per share compared toUS3.37 cents per share in the first half 2007.

China Fishery 1H Result Press Release

CHINA FISHERY 1HFY2008 NET PROFIT JUMP 26% TO US$63.9 MLNUS$

. South Pacific fishing operations underway with 2 supertrawlers deployed to the vicinity

•New quota system in Peru will enhance the Group’s efficiency and performance

Singapore, 14 August 2008 – Singapore Exchange Mainboard-listed industrial fishing company China Fishery Group Limited (“China Fishery” or the “Group”) (SGX: B0Z.SI), today posted positive results for the second financial quarter (“2QFY2008”) and first half (“1HFY2008”) of the financial period ended 30 June 2008.

For 1HFY2008, China Fishery recorded a 10.4% growth in revenue of US$256.5 million on higher catch volumes and better fish prices. Higher catch volumes were achieved as a result of sustainable fishing practices within the industry, coupled with tighter regulatory government controls over the past few years, which has led to healthier fish stock.In effect, sales from the Group’s trawling operations increased 28.4% to US$203.9 million, and accounted for 79.5% of 1HFY2008 revenue, while fishmeal operations contributed the remaining 20.5%.PRC remained the largest market accounting for 52.3% of the Group’s revenue, followed by Japan and Korea at 33.9%, and Europe at 6.4%.

1HFY2008 Net Profit Jump 26% to US$63.9 mln

With higher catch volumes and better fish prices, complemented with the Group’s efforts to improve operational efficiencies despite higher oil prices and other inflationary factors, gross profit for 1HFY2008 saw 23.5% growth to US$94.8 million, while earnings before interest, tax, depreciation and amortisation (“EBITDA”) increased 28.3% to US$104.0 million, and net profit after tax grew 26.2% to US$63.9 million. In correlation, net profit margin saw improvements from 21.8% to 24.9%, while net debt-to-equity ratio improved considerably from 108.3% to 93.6%. Furthermore, basic earnings per share increased 25.0% from US6.54 cents to US8.17 cents.Another driving force behind the positive numbers was attributed to enhanced operational efficiencies, achieved through higher production volumes following the acquisition of the 8th fishmeal processing plant in Peru.

For 2QFY2008, China Fishery recorded US$137.2 million revenue, a 24.1% growth from 2QFY2007. Sales to the PRC increased 13.7%, while sales to Japan and Korea increased 27.5%, and sales to Europe increased 163.7%. With regards to gross profits, the Group reported 20.9% increase to US$41.6 million due to continuous improvements in operational efficiency despite higher oil prices and other inflationary factors. EBITDA increased 36.3% to US$48.1 million, and net profit after tax grew 16.6% to US$23.5 million.

Commenting on the effects of high oil prices on the Group’s business, Group Managing Director Mr Ng Joo Siang says, “Although oil prices have increased significantly, rising fish prices and effective fleet deployment have helped contain the increase in the fuel cost within our fishing division. The selling price for our main specie alone has seen compounded annual growth rate (“CAGR”) of 12.7% over the past 12 years, and the trend is expected to continue this year. In addition, our economies of scale and efficient fleet utilisation in the fishing division have offset the impact of rising fuel costs.”

For administrative efficiency, China Fishery has adopted a practice of not declaring an interim dividend. China Fishery would therefore be declaring a final dividend amounting to one-third of its FY2008 net profits after tax.

Outlook for FY2009

The global outlook for demand of fish continues to be positive in the light of healthy life-style and dietary choice and preference. Global demand for fishmeal is also expected to increase, supported by the rapid growth in aquaculture. The Group is well placed to meet the increase in demand as its production efficiency continues to improve with fleet upgrading and expansion.

The Group’s trawling operations are expected to continue delivering higher catch volumes with the upgrading and expansion of its fishing fleet in the South Pacific Ocean. As of July 2008, 2 supertrawlers have been deployed to the South Pacific, with additional supertrawlers to follow.As the government in Peru announced the new quota fishing system to replace the Olympic fishing system in 2009, the Group will continue to expand its presence in the region by way of additional vessel acquisitions to further increase its anticipated quota allocation and competitive edge.

China Energy 1H Result Press Release

China Energy lifts earnings 26% higher in 1H08 on strong demand for DME

􀂄 Core net attributable profit rises 36%, excluding one-off items

􀂄 Ramping up feedstock production by 200% will widen margins and enhance profitability in the near term

􀂄 Well-placed to reap further gains from China’s growing emphasis on DME as alternative energy fuel

SINGAPORE, 14 AUGUST 2008 China Energy Limited (China Energy, the Group or 中国能源有限公司), China’s largest producer of dimethyl ether (DME), reported a 36% surge in core net attributable profit to RMB149.6 million for the half-year ended 30 June 2008 (1H08). These exclude one-off items totalling some RMB10 million for donations to Sichuan earthquake relief efforts and for the independent review of the Guangzhou acquisition. After the one-off items, net profit attributable to shareholders rose 26% to RMB139.6 million in 1H08.

Due to the fast growing demand for DME, an environmentally-friendly clean fuel with lower smoke emission rates than LPG and diesel, the Group’s revenue rose 52% to RMB596.4 million in 1H08. As a result, percentage contribution to total sales from DME rose from 64% in 1H07 to 100% in 1H08. This is in line with new capacity additions to the plants in Zhangjiagang (Jiangsu Province) and Guangzhou (Guangdong Province).Said China Energy’s Chairman and Chief Executive Officer, Mr Cui Lianguo (崔连国), “We are encouraged by the sales growth we achieved for DME in 1H08, as well as the support given by the PRC government to reduce the VAT on DME from 17% to 13%, effective last month. This move is a clear display of the government’s support for the development and growth of DME as an alternative source of energy in the PRC.

“Our immediate priority is to increase our methanol self sufficiency, especially with the recent volatility and sharp increase in its prices. We are now expanding our methanol facility to boost supplies of this feedstock for our DME production. When the new facility is in place, it will help improve our operating margin and bring the Group’s profitability to an even higher level next year.”

China Energy has begun construction of its Methanol Phase III facility in Shandong, to raise its production capacity from the current 250,000 metric tons per annum (mtpa) to 750,000 mtpa. When completed, the new capacity will increase China Energy’s self-sufficiency for methanol requirements, from about 20% to some 60%. Once the capacity comes onstream, the Group will be less dependent on the spot market as a source of methanol. Average spot prices have soared about 86% from US$243 in 1H07 to US$452 per ton in 1H08.

The PRC Income Tax Authority has approved the application by the Group’s subsidiary for tax incentives for Methanol Phase III. It will enjoy two years of tax exemption, followed by three years of a preferential tax rate imposed at 50% of the statutory level, commencing from the first profitable year.

As a result of better working capital management, China Energy improved its operational cashflow, generating RMB136.4 million in cash in 1H08, compared with cash outflow of some RMB45.8 million in the preceding period. However, continuing investments to build up the Methanol Phase III facility, prepayment of land use rights in Shandong for the Group’s future expansion and repayment of a loan to a related party (Shandong Jiutai Chemical Technology Ltd) raised net gearing to about 31% as at June 2008.

Jiutian Chemical 1H Result Press Release

Jiutian Chemical reports 2Q2008 net earnings of RMB 7.0 million

• 2Q2008 net earnings improves 25.7% over 1Q2008 but62.4% below 2Q2007

• High cost of methanol continues to adversely impact ramping up of new DMF plant

Singapore, 13 August 2008 - Jiutian Chemical Group Limited (“Jiutian Chemical”, “工九天化” or “The Group”), one of the largest dimethylformamide1 (“DMF” or “二甲基甲酰胺”)producers in China, has announced net earnings of RMB 7.0 million on the back of revenue of RMB 75.8 million for the second quarter ended 30 June 2008.

Financial and Operations

The Group recorded revenue of RMB 75.8 million in 2Q2008 which was 5.5% below1Q2008 but 27.1% higher than 2Q2007. Despite 1Q2008 revenue being impacted by the severe snow storm as earlier reported, revenue in 2Q2008 was marginally lower asmethanol prices significantly higher during the current quarter adversely impacted the ramping up of the new 120,000 DMF plant in Anyang Jiuyang.

Average methanol prices increased 42.5% from RMB 2,857 in 1Q2008 to RMB 4,070 in 2Q2008 resulting inAnyang Jiuyang’s plant producing at 10% of its operational capacity. Against the corresponding quarter last year (2Q2007), revenue increased 27.1% from RMB 59.7million to RMB 75.8 million. The increase is attributable to the contribution of the new DMF plant in Anyang Jiuyang. Excluding the revenue contribution of Anyang Jiuyang, 2Q2008 revenue was RMB 62.5 million, up 4.7% against 2Q2007 driven by improved selling prices of DMF and methylamine. Average selling price for DMF rose from RMB6,184 in 2Q2007 to RMB 6,410 in 2Q2008 whilst average selling price of methylamine (secondary product) rose from RMB 5,747 in 2Q2007 to RMB 8,165 in 2Q2008.

Gross profit in 2Q2008 at RMB 22.0 million improved 18.8% over 1Q2008 but contracted 8.9% over 2Q2007. The fall in gross profit and gross margin over the correspondingly quarter (2Q2007) is attributable to

- Anyang Jiuyang new DMF plant which commenced operations from 4Q2007 is dependent on the purchase of methanol from the market. The strong market demand for methanol used as both a feedstock for chemical production and as analternative fuel has driven up prices impacting the margins of this plant. Whereas the smaller but fully integrated production facility of Anyang Jiutian has its own methanol production facility to provide as feedstock for the production of DMF andmethylamine, is able to produce and sell at a much higher margin.

• Low utilization of the plant capacity at 10% in Anyang Jiuyang’s new DMF plant in2Q2008 from the high methanol costs resulted in a gross loss incurred by the plantof RMB 2.3 million. Net profit after tax attributable to shareholders further dipped 62.4% from RMB 18.7million in 2Q2007 to RMB 7.0 million in 2Q2008 due to:

(a) Higher administrative and operating costs in line with the increased businessactivities of the Group from the commissioning of the new DMF plant in Anyang Jiuyang (adding RMB 2.2 million) and the new storage and distribution facility inChangzhou (adding RMB 0.3 million)

(b) Pre-operating expenses incurred for the new 250,000 tonnes methanol plant in Anyang Jiulong under construction of RMB 2.2 million.

(c) Higher finance costs arising from increase in bank loans and interest rates tofinance the Group’s expansion plans and working capital.Jiutian Chemical’s Executive Chairman, Mr. Wang Xianjin (王先进), commented, “Despite increasingly difficult market landscape for DMF driven by higher methanol and coal prices driving some industry players to register operating losses, the Group continues to remain profitable for the first half of 2008. Following the severe snow storm in 1Q2008, marketprices for DMF and methylamine gradually improve in the latter part of the second quarter.

However, methanol prices have risen sharply which continued to constraint on AnyangJiuyang’s new DMF plant. At the high methanol costs, the plant continued to operate at low utilization rate and recorded an operating loss in the second quarter of RMB 6.2million. As guided in earlier announcements, Anyang Jiuyang’s plant is expected to continue to operate well below its operational capacity at current high methanol prices until the Group completes construction of it’s 250,000 tonne methanol facility of Anyang Jiulong. Once completed and operational, it will have adequate methanol to be used as a feedstock for DMF production and also excess methanol to be sold to the market.

On current progress of construction, Anyang Jiulong’s new methanol facility is now scheduled to be completed by the first quarter of 2009. We will continue to put in our best efforts to contain the operating losses in Anyang Jiuyang in 2008 but expect the Group to remain profitable for FY2008. With the completion of the methanol facility in 1Q2009, we expect the situation in Jiuyang to improve significantly and the Group to become more versatile operationally, moving from just a significant DMF producer to becoming a significant coalbased chemical producer with 315,000 tonnes of methanol and 150,000 tonnes of DMF/methylamine capacities.”

Swiber 1H Result Press Release

Swiber’s 2Q net profit rockets 258.1%to US$22.2 million

• 2Q revenue is 82% of total revenue achieved in the entire FY2007 of US$151.2 million, while2008 year‐to‐date revenue already surpasses FY2007’s revenue

• Strong order book totaling US$664 million as at 30 June 2008

SINGAPORE – 13 August 2008 – Swiber Holdings Limited (“Swiber” or together with its subsidiaries,the “Group”), a world class service provider in the offshore oil and gas industry, continues to sail strongly ahead on the offshore oil and gas boom. The Group today reported earnings of US$22.2million for the three months ended 30 June 2008 (2QFY08), up 258.1% from a year ago.

The impressive bottomline improvement came as Swiber’s revenue surged 391.1% to US$124.5 millionin 2Q08 from the continued onslaught of offshore construction projects. Of significance, the Group’s revenue for the three months under review is already more than 80% of the revenue it achieved for the 12 months in fiscal year 2007, which amounted to US$151.2 million.

The Group’s year‐to‐date performance was equally outstanding. For the six months ended 30 June 2008 (1HFY08), Swiber reported revenue and earnings of US$195.4 million and US$32.6 million respectively, up 337.4% and 230.8 % from 1HFY07. With the latest 1HFY2008, earnings per share was boosted to 7.33US cents, from 2.69 US cents a year ago, based on 424,350,000 and 369,000,000 weighted average ordinary shares in issue, respectively.Net asset value per share rose to 50.16 US cents as at 30 June 2008, compared to 41.68 US cents as at 31 December 2007.

Commenting on its latest results, Swiber’s Executive Chairman and Group Chief Executive Officer, Mr Raymond Goh, said, “Swiber has expanded in size and scale of operations substantially from a year ago. We have more vessels, more regional offices set up and a much stronger reputation ‐ all these have allowed us to take on more projects. In 2QFY08, we performed six offshore construction project ssimultaneously in Malaysia, Brunei and Indonesia, as compared to just two in Malaysia and Brunei in the corresponding period last year. These jobs comprised mainly transportation and installation of offshore pipelines and platforms.”

Profitability remained very healthy in 2QFY08 with the Group raking in a gross profit of US$32.3 million,up 333.2% from 2QFY07. The higher gross profit achieved in 2QFY08 was marginally offset by a 126.1%rise in administrative expenses to US$6.9 million. Swiber posts 2QFY08 results

Future Outlook

With yet another successful quarter behind them, Swiber is busy staging its next phase of growth. As at 30 June 2008, the Group has a hefty order book of US$664 million, versus approximately US$220 million in June 2007, and US$350 million in February 2008. This includes the 5‐year conditional Letter of Intent from CUEL Limited for the installation of pipelines and platforms in the Gulf of Thailand at an estimated value of US$50 million a year.

The Group expects offshore oil and gas activities to remain buoyant for the next 12 months, and intends to leverage on its expanded fleet to tap on this sea of opportunities. “Our sector outlook is looking quite positive with global offshore spend expected to grow from US$254 billion in 2007, to US$361 billion in 20121. And Swiber expects to tap into this buoyant market through our fleet expansion programme. In particular, the increase in our construction vessel fleet from 5 to 8 by end of FY08 is expected to significantly boost our capabilities to bid for new projects and build up our order book. It will also allow us to expand geographically,” elaborated Mr Goh.

Swiber has a total fleet of 30 vessels to‐date, up from 28 vessels in the first quarter of 2008, and expectsits armada to expand further to 39 by the end of 2008 and 48 by end of 2009.The Group also intends to scale up its business and expand its geographical presence through strategic alliances with suitable partners.

Such alliances include an MOU with Thailand’s CUEL Limited in April 2008 for both companies to jointly pursue offshore EPCIC projects in the Asia Pacific region; and a cooperation agreement with state‐linked company Vietsovpetro in September 2007 to mutually develop and strengthen each party’s position in the oil and gas industry in Vietnam and overseas 2.1 Energyfiles and Douglas‐Westwood: “Oil and Gas Production and Spend Forecast 2008‐2012”2 Please refer to press release, “Swiber enters cooperation agreements with Petrovietnam Construction Joint Stock Company and Vietsovpetro Joint Venture to tap oil and gas market in Vietnam”, dated 26 September 2007.

Said Mr Goh, “Expanding our geographic presence is very important to us. Where we can, Swiber will establish a direct presence to break into a market. Or we may go in via strategic partnerships, which have been a successful strategy for us as evident from our US$250 million CUEL project and the clinching of our maiden project in Vietnam in July this year. ”

Barring any unforeseen circumstances, the Group expects to remain profitable for its financial year ending 31 December 2008.

Courage Marine 1H Result Press Release

Courage Marine Reports Net Profit Rise of 67% to US$17.8 million in 2Q FY2008

􀂄 Continued to benefit from strong regional demand for coal and gravel

􀂄 Proposes 72% higher tax-exempt interim dividend of 1.133 cents

􀂄 Positive outlook based on China’s strong demand for raw materials

SINGAPORE, 12 AUGUST 2008 FOR IMMEDIATE RELEASE Courage Marine Group Limited (Courage or the Group), an efficient dry bulk shipper focused on infrastructure and energy-related commodities, reported a sturdy 67% year-on-year (yoy) rise in net attributable profit (PATMI) to US$17.8 million in the second quarter of 2008 (2Q FY2008).

Firm demand for raw materials to meet the energy and infrastructure needs in Asia lifted Group revenue 56% higher to US$28.5 million despite the drydocking of one vessel in 2Q FY2008. Courage’s coal and gravel shipments within Asia continued to drive sales and made up 82% of the quarter’s total receipts, up from 80% in 1Q FY2008 and 83% in 2Q FY2008.

The cost efficient shipping Group also enjoyed a 3 percentage point higher gross profit margin of 62.7% in 2Q FY2008 on the back of the higher freight rates and tight cost controls. In fact, the cost of sales increase of 44% yoy reflected only the impact of higher bunker expenses.

Backed by the Group’s strong performance where PATMI rose 51% yoy to US$30.3 million in 1H FY2008 on a 43% higher revenue of just under US$50.0 million, Courage is proposing an interim tax-exempt dividend of 1.133 US cents per ordinary share. The proposed dividend is 72% better than the tax-exempt 0.66 US cents per share shareholders received in the previous first half year.

Said Non-Executive Chairman Hsu Chih-Chien: “Although freight rates have been very volatile in the past few months, we believe that market conditions remain positive on the back of strong raw materials demand from China.“We continue to focus on keeping our fleet well deployed and running efficiently and are actively scouting for secondhand vessels as well as newbuildings to rapidly expand our fleet.

Fleet utilization stayed high at 90% despite having four vessels out of deployment for about 120 days during their drydocking in 1H FY2008. In the second half year, another two vessels will be sent for their special/intermediate surveys and are expected to be out of deployment for about 60 days.

Courage, which topped the Marine Money International June/July 2008 rankings for overall financial performance, continued to generate strong net cashflow from operating activities of US$34.9 million in 1H FY2008 against US$19.0 million previously. The Group had no bank debt as at 30 June 2008.

Lizhong Wheel 1H Result Press Release

Lizhong Wheel interim net profit up 15% to RMB63.7m

Singapore, 12 August 2008 – Lizhong Wheel Group Ltd. (“The Group” or “立中车轮”), one of the largest PRC manufacturers of aluminum alloy wheels, reported a 16.0% increase in revenue to RMB518.0 million for the 6 months ended 30 June 2008 (1H2008) as China continues to be the world’s fastest growing car market. Net profit attributable to equity holders rose a proportionate 14.9% to RMB63.7 million. Earnings per share came in at RMB27.11 cents versus RMB23.59 cents recorded in the last corresponding period.

“We have always strived to ensure that we have sufficient capacity to meet our clients’ demands. While we have completed our Tianjin plant Phase 1 and are into Phase 2 of our expansion plan, we are still experiencing strong demand for our products as our marketing activities continue to gain momentum.

During the first half of 2008, our focus has been to get the Tianjin plant up and running smoothly, so as to lay the foundation for future growth. In view of the challenges, we have achieved a good set of results at the half year mark.”Mr. Zang Ligen (臧立根), Lizhong Wheel’s Executive Chairman

Gross profit rose 16.3% to RMB88.2 million, representing gross profit margin of 17.0%, similar to last year. Distribution costs went up by RMB3.3 million to RMB10.0 million due mainly to increase in delivery costs arising from increased sales volume and accrued bonus for the Group’s sales personnel. Administrative expenses increased by RMB9.4 million to RMB26.7 million due mainly to increase in research and development expenses of RMB2.0 million, pre-operating expenses of RMB3.1 million incurred by the newly set up subsidiaries, and other expenses in line with higher business volume.

Other operating income increased from RMB0.8 million previously to RMB20.6 million largely due to RMB4.9 million of fair value gain on the Group’s convertible bond issue and RMB15.1 million of foreign exchange gains from the appreciation of RMB against the US dollar as a result of the Group’s US dollar denominated borrowings.

The Group incurred income tax expenses of RMB2.1 million representing an effective tax rate of 3.2% for 1H2008 versus tax benefits of RMB10.0 million in 1H2007. This is largely due to timing differences in the receipts of tax benefits from the local tax authorities. Tianjin plant to contribute to stronger 2nd half

Phase 1 of the Group’s Tianjin plant had started commercial production in April. This has successfully raised the Group’s annual production capacity to 5.6 million wheels with the additional capacity of 2.0 million wheels arising from Phase 1. With production scaling up gradually since April, the Group expects Phase 1 to have a stronger contribution to the Group’s performance in the 2nd half of 2008. However, the group may be indirectly affected by certain regulations or restrictions the PRC government may introduce during Beijing Olympics games. However, it is premature and impossible to quantify the impact at the moment. Barring unforeseen circumstances, the Group expects to achieve favourable performance in 2008.

STX Pan Ocean 1H Result Press Release

STX Pan Ocean posts record 1HFY08 profit of US$457.8m on sales of US$4.9 billion

• Strong 1HFY08 performance due to booming dry bulk transportation market

• Number of factors in play – higher freight rates, increased charters and expanded fleet

• Group expects current strong market condition to continue well beyond 2009 in view of the continuing demand from China and cut in order book for new builds

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DD2949D31AA5D9B24825749F003F356C/$file/STXPO_2QFY08_Press_Release_Final.pdf?openelement

Cacola 1H Result Press Release

CACOLA 1H NET PROFIT JUMPS 42% TO RMB85.5M

-Growing consumer awareness of the CACOLA brand

-23 new stores added in the first half of the year

-Growing presence in the PRC with total of 152 CACOLA specialty stores

-Set to open a 6,000m² mega store in Chongqing and home-deco centre in Dongguan by end 2008

SINGAPORE, 11 August 2008 – Cacola Furniture International Limited, an integrated lifestyle furniture designer and manufacturer in the PRC, posted a 42% leap in net profit to RMB85.5 million, or 24.8 RMB cents per share, on a 35% growth in revenue to RMB368.5 million for the six months ended 30 June 2008 (“1H2008”).

Strong panel furniture and sofa sales led the growth, accounting for an aggregate 84% of overall top-line increase.For the second quarter ended 30 June 2008, the Group achieved revenue of RMB180.0 million, representing an increase of 32% from the previous corresponding period. Net profit was 20% higher at RMB40.6 million.

The Group’s sterling results reflect the overall positive real estate sentiment that is fuelling the vibrancy of China’s furniture retail industry, as well as growing consumer awareness of the CACOLA brand name. Capitalizing on the positive sentiment, the Group added more points-of-sale and ramped up its advertising activities during the period. Average gross margin improved from 33.3% in 2Q2007 to 34.3% in 2Q2008, driven by increased demand for customized furniture supplied to hotel and residential projects, and for the Group’s higher quality sofas and mattresses.

Mr Lu Ling Jia (卢领佳), CEO of Cacola said, “The Group’s sterling first-half performance attests to the growing demand for lifestyle furniture in the PRC. It also reflects the growth of the discerning and image-conscious urban consumer, along with the market’s receptivity to Cacola’s furniture and home design concepts.

With continuing urbanization and rising disposable income in the PRC, we expect business to remain robust.”In the first-half of 2008, the Group opened 23 new specialty stores, bringing it to a total of 152 stores. The new specialty stores are located in different cities in the provinces of Guangdong, Fujian, Hunan, Sichuan, Anhui and Zhejiang. Cacola plans to further increase its retail points-of-sale in the PRC to 180 specialty stores by the end of this year.

As part its retail expansion strategy, Cacola will be launching a 6,000m² mega store in Chongqing and a home-deco centre in Dongguan in the second half of this year. These innovative retail concepts will serve to lift the Group’s product and service offerings to a new level and establish its leadership position amongst different target segments such as property developers, interior designers and new home-buyers.

Going forward, the Group will also continue to build on its strong brand name and increase its pace of innovation.“Continuing vigour in the local property market bodes well for us. We will strive to strengthen our presence and achieve long-term, sustainable growth by drawing on the synergies of our design strengths, marketing strategies and strategic distribution channels,” said Mr Lu.

The Group maintained a strong balance sheet and working capital position with approximately RMB238.6 million cash and cash equivalents at the end of 1H08. Net asset value per share was 107.26 RMB cents, up 19% from 90.22 RMB cents at 31 December 2007.

Transaction of Own Portfolio

Bought back Cacola at $0.30 on 8 Aug 2008. I believe value has emerged for this PRC consumer play. It has the lowest PE, highest ROE and profit margin among all the furniture plays. Forecasted dividend yield is also attarctive at more than 5%.

For the benefit of those who track my portfolio movement, i do trade regularly within the portfolio of stocks that i own. For instance, i sold a substantial portion of Noble when it was trading around $2.10-$2.20 and bought back half at $1.83. Swiber, i sold off 90% of the holding at $3.05 just before this round of falling. My target re-entry price is around $1.20.

For counters who base their revenue on project completion recognition, their earnings tend to flutuate dramatically on a quarter to quarter basis. Need not look far, Ausgroup and Sino Environment are perhaps victims of the quarterly reporting. To meet market expectation, these Companies ought to try to smooth out their earnings fluatuation. As an accountant, i know this is not an easy task because it requires perfect coordination between the financial people and the operational teams. Nowadays market dont give chance, poor performance in one quarter will see the share price battered like no tomorrow. Matter usually get worse with some analysts writing some negative reports adjusting their numbers based on those quarterly figures.

The other devil is the high level of gearing Swiber has. It is very challenging to maintain current growth rate without aggressive borrowing or share issues. Either case will only make situation worse. This is similar to many construction companies, good paper profit but where is the money?? Shareholders here are not like US, where people can easily be convinced of "reinvesting earnings".

With oil prices falling, investors tend to believe that its future order book will shrink. The lack of new order announcement also doesnt help halt the fall in price.

Midas 2Q FY08 Results News Release

NET PROFIT GROWS 21.2% TO S$8.6 MILLION

- Revenue rises 25.6% to S$38.5 million

- Revenue from Aluminium Alloy Division up 23.0% to S$30.6 million

- Declares second interim dividend of 0.5 Singapore cents per ordinary share

Singapore, August 7, 2008 - Midas Holdings Limited (“Midas” or the “Group”) (麦达斯控股有限公司) today announced a 21.2% increase in net profit to S$8.6 million for the three months ended June 30, 2008 (“2QFY08”), up from S$7.1 million in the previous corresponding period (“2QFY07”). This was on the back of a 25.6% increase in Group revenue from S$30.6 million in 2QFY07 to S$38.5 million in 2QFY08.

The Group’s Aluminium Alloy Division saw higher business volume with its revenue increasing by 23.0% from S$24.9 million in 2QFY07, to S$30.6 million in 2QFY08, constituting about 80% of total Group revenue. Meanwhile, the Group’s PE Pipe Division and Agency & Procurement Division contributed S$4.0 million, or 10.3%, and S$3.9 million, or 10.2%, to total Group revenue respectively for 2QFY08.

The Group’s gross profit margin for 2QFY08 was 31.8% versus 34.4% in 2QFY07. Gross profit margin for our Aluminium Alloy Division was 33.2% for 2QFY08 as compared to 38.0% for 2QFY07; the decline is due to increase in raw material cost. For 2QFY08, Nanjing SR Puzhen Rail Transport Co., Ltd (“NPRT”), the Group’s associated company in which it holds a 32.5% equity stake, contributed about S$1.0 million to Group profit, representing a 60.4% growth over its contribution in 2QFY07.

On a quarter-on-quarter basis, this represents a growth of about 8 times of NPRT’s contribution in the first three months of 2008 (“1QFY08”). NPRT is a Sino-foreign joint venture that develops, manufactures and sells metro trains, bogies and their related parts. Said Mr Patrick Chew (周华光), CEO of Midas, “Since NPRT started operations in January 2007, it has made good progress, securing high-profile metro projects and steadily building up its track record and customer base in the PRC. Its growing contribution to the Group reinforces our confidence in NPRT as a strategic investment that will strengthen Midas’ market leadership position in the PRC rail transport industry.”

Income tax expenses for the Group in 2QFY08 rose by S$1.1 million or 131.0%, largely due to higher profits and changes in corporate income tax rates in the PRC. Since 1QFY08, profits from the Aluminium Alloy Division’s 75MN and 55MN production lines are subjected to higher tax rates of 25% and 12.5% respectively. In 2QFY07, the 75MN line was taxed at 15%, while the 55MN line enjoyed full tax exemption.

As a result, the Group’s profit attributable to shareholders registered a 21.2% increase year-on-year to approximately S$8.6 million in 2QFY08. To reward its shareholders, the Group is declaring a second interim cash dividend of 0.5 Singapore cents per ordinary share.

Outlook

The sustained growth in the PRC’s economy has resulted in a nation-wide railway transportation boom, which in turn, is driving demand for train cars and aluminium extrusion profiles. In line with economic and urban development across the PRC, the PRC Government has plans in various cities to construct new metro lines or to expand existing lines to improve the country’s public transportation system.

In 2QFY08, the Group has continued to benefit from this trend. During the quarter, the Group’s Aluminium Alloy Division secured three new contracts worth an aggregate sum of RMB252.7 million, to supply aluminium alloy extrusion profiles for various metro lines in Shanghai and Guangzhou. All three contracts are to be fulfilled over 2008 and 2009, thus having a positive impact on the Group’s financials over the two years.

In addition, in 2QFY08, NPRT announced its downstream foray into train car maintenance, through its new joint venture company Nanjing Metro Vehicle Maintenance Co., Ltd. (“NMVM”) (南京地铁车辆维修有限公司), formed with Nanjing Metro Industrial Group Co., Ltd. (南京城市地铁实业集团有限责任公司).Meanwhile, the Group’s collaboration plans with Aluminum Corporation of China (“Chinalco”), the largest aluminium producer in the PRC and one of the largest producers of aluminium and alumina in the world, is on track.

Under a framework agreement signed in December 2007, the first collaboration by both parties will be in respect of China Northeast Light Alloy Co., Ltd.’s (“NELA”) (东北轻合金有限责任公司) “thick aluminium alloy plates and sheets project”. Chinalco has a controlling stake in NELA. In addition, Chinalco will also seek collaboration with Midas in the development and investment of aluminium alloy extrusion profiles for rail car bodies.

Commented Mr Chew, “Midas has a long-term vision of becoming an integrated manufacturer and one-stop service provider in the transportation value chain. As we continue to grow our core business in the Aluminium Alloy Division, we are also actively looking for opportunities to broaden our services and enhance our capabilities to leverage on the robust growth in the PRC’s infrastructural sectors. These can come in the form of strategic partnerships or investments that can strengthen and complement our Group’s existing business. NMVM and our collaboration with Chinalco are part of our overall strategy to establish ourselves as an integrated player in the PRC transportation industry.”

Performance of Virtual Fund ~ July 2008

China Fish -$19,600
Raffles Education -S$11,400
Noble Group -S$13,340
STX Pan Ocean -S$55,590

Total Unrealised Loss = -S$99,930 = -19.99%
Sum invested = $524,510
Cash holding = $4,110
Realised Profit = $28,620 = 5.724%

Latest Holding of My Portfolio ~ July 2008

Cash
China Energy
Courage Marine
Lizhong Wheel
ChinaXLX
Jiutian Chemical
Noble Group
Sihuan
STX Pan Ocean
Swiber

CPF
Asia Enterprise
Midas
Raffles Education

Sihuan 1H Results

Sihuan’s 1H08 profit before tax jumps 65% on rising demand across all business segments

Well-executed plan to broaden product offerings and improve marketing helps double revenue at half-time

Shenzhen Sihuan and associate Beijing Purenhong also contributed positively, lifting both revenue and profits

Launch of new drugs including GM-1 expected to propel medium-term revenue and earnings

SINGAPORE, 31st July 2008 Mainboard-listed Sihuan Pharmaceutical Holdings Group Ltd (Sihuan, the Group, 四环医药控股集团有限公司), a leading manufacturer of cardio cerebral vascular (CV) drugs in China, delivered yet another impressive set of results for the first half-year ended 30 June2008 (1H08). Its profit before tax was RMB127.9 million in 1H08, up 65% a year ago, as the Group enjoyed robust demand for a broad range of its drugs. Its net attributable profit surged 37% to RMB113.8 million.

Sihuan’s strategic marketing efforts to penetrate niche but high-margin segments have clearly paid off, drawing in RMB69 million in additional revenues. This – together with the Group’s extensive range of non-CV products, largely from Shenzhen Sihuan Pharmaceutical Co., Ltd (Shenzhen Sihuan) – powered a 104% hike in Sihuan’s 1H08 revenue to RMB237.3 million, up from RMB116.4 million a year ago. Shenzhen Sihuan recorded a net profit of RMB9.5 million on sales of RMB52.0 million in 1H08.

CV drugs grew solidly, chalking up a 83% rise in 1H08 sales, thanks to wider acceptance of and stronger demand for Kelinao, Chuanqing and Anjieli. Non-CV drugs recorded a 320% jump in sales to RMB 43.1 million, as a broadened drug offering – made possible through the acquisition of Shenzhen Sihuan last October – captured demand from new market segments.

Dr Che Fengsheng (车冯升), Sihuan’s Executive Chairman and Chief Executive Officer, said: “These results reflect the healthy fruition of the strategic investments we have made to beef up distribution and investment in the right products. For instance, the acquisitions of Shenzhen Sihuan and Beijing Purenhong have greatly increased the depth of our distribution and widened our product mix. This will serve to generate even stronger demand for both our CV and non-CV drugs, and further entrench Sihuan’s position in the PRC’s pharmaceutical sector.

We believe the launch of GM-1* and other new drugs will add to our portfolio of successful CV drugs and sharpen our edge in the sector. We are confident that Sihuan’s strong branding and established distribution network will help these new drugs establish astrong footing in the market and contribute positively to earnings.”The improved results and the Group’s ongoing active capital management efforts allowed Sihuan’s operations to generate healthy net cash of RMB112.5 million, up from 1H 07’s RMB68.8 million. The Group remained in a net cash position, with cash reserves of RMB229.8 million at the end of June 2008, which will help fund strategic investments innew drug research, the acquisition of more product rights and the expansion of the distribution network.

Despite the competitive operating environment, Dr Che remains excited about the future. He commented: “The consolidation in China’s pharmaceutical industry will throw up opportunities for Sihuan to capture further market share. It will also strengthen our lead in the sector, especially given our concerted efforts to beef up our upstream R&D capabilities and expand our network of distributors.”

In April 2008, Sihuan acquired a 60% stake in Shandong R&D Company for RMB62.5 million that will pave the way for the Group to advance into the international healthcare market. The Group will continue to invest in Shandong R&D to beef up its R&D edge as well as increase its staff strength. As of today, Shandong R&D Company has filed applications for more than 500 PRC or international patents.

Raffles Education Corp - News Release

RAFFLES EDUCATION CORPORATION MERGES HUIZHOU AND GUANGZHOU COLLEGES- Merger in line with Group’s efforts to streamline southern college operations and improve efficiencies

Singapore, July 30, 2008 – Mainboard listed Raffles Education Corporation Limited(“RafflesEducationCorp” or “the Group”), the largest private education group in the Asia-Pacific region, has merged the operations of its college in Huizhou, Raffles H.U. International College (“RHU”), with its college in Guangzhou, LaSalle International Design College (“RGZ”), as part of its restructuring exercise for its southern college operations. Students from RHU have been transferred over to RGZ, and will continue to pursue the same programmes which they started with in RHU.

Said Mr Chew Hua Seng, Chairman and CEO of RafflesEducationCorp: “With both colleges in close proximity, we felt that it would be wise to merge the colleges to streamline operations and benefit from cost savings.” The Group embarked on a restructuring exercise early this year to consolidate its colleges in the region. This came on the back of delisting plans for Hartford Education Corp Limited and China Education Limited, both of which has been completed. The merger exercise is not expected to have a material impact on the earnings of the Group in FY2008.

Asia Enterprises reports 61% jump in Q2 Net Profit

-Net profit margin expands to 19.2% from 13.2% a year ago

-Steel distributor to continue benefiting from its strong exposure to shipbuildingand marine-related sectors in the second half of 2008

Singapore, 24 July 2008 – Asia Enterprises Holding Limited (“Asia Enterprises” or the “Group”), a leading regional distributor of steel products to industrial end-users, has reported a sterling 61% jump in net profit to $10.4 million on revenue growth of 11% to $53.9 million for the three months ended 30 June 2008(“2Q08”).

Said Mr Lee Choon Bok, Chairman and Managing Director of Asia Enterprises, “The Group’s strong bottomline performance in 2Q08 was driven by an expansion in profit margins, despite competitive conditions in the region’s steel distribution industry and higher inventory replacement costs caused by rising global steel prices. Looking ahead, we expect to see steady demand for steel products from our primary customer segment in the shipbuilding and marine-related sectors.”2Q08

Performance Review

Despite slower conditions in the USA and EU economies, global steel prices have risen sharply over the first six months of 2008, particularly during the second quarter, underpinned by the escalating cost of steel production and robust demand for steel from emerging economies. Asia Enterprises continued to capitalise on its strong exposure to the shipbuilding and marine-related sectors.

In 2Q08, sales to customers in this segment rose 30% to $37.0 million and contributed the largest share of 69% to Group revenue. Sales to other stockists/traders as well as the construction, engineering/fabrication, manufacturing, and precision metal stamping sectors accounted for the remaining 31%.

The Group registered strong sales growth of 75% in the Indonesian market, driven by higher orders from customers in shipbuilding and marine-related sectors. For 2Q08, sales to Indonesia, Singapore and Malaysia accounted for 58%, 32%, and 8% respectively of the Group’s revenue, with the remaining 2% from other Asia Pacific markets.

While replacement costs of inventory have continued to rise, the Group was able to widen its gross profit margin to 29.1% in 2Q08, from 21.0% in 2Q07, reflecting its effective management of inventories. Net profit margin also increased to 19.2% from 13.2% previously, as the Group benefited from a lower effective tax rate due to its entry into the Global Trader Program from FY2008. For the first six months ended 30 June 2008, Asia Enterprises generated positive net cash flows from operating activities of $10.5 million, to end the period with a healthy cash balance of $16.3 million.

On anannualised basis, its return-on-equity in the first half improved to 30.1%, compared to 20.6% in FY2007. Market Outlook and Prospects Growth of global crude steel production is expected to moderate to 6.8% in 20081, from 8.2% in 2007 while global demand will continue to be supported by the high steel requirement from emerging markets despite slower conditions in the USA and Europe. With the demand-supply environment likely to remain tight, global steel prices are generally expected to stay firm in the second half of 2008. To provide a total solution to its customers and reinforce its position as a Regional Steel Distribution Centre, the Group will continue to maintain a sufficient and comprehensive range of steel products.

Transactions of Own Portfolio

Bought:

Noble Group at $2.10
STX Pan Ocean at $2.75

Sihuan News Release

Sihuan’s subsidiary appointed sole distributorfor high-quality nutritional drug

- Shenzhen Sihuan wins rights to distribute amino acid drug, a product manufactured with superior raw materials from Japan

Shenzhen Sihuan on target to meet profit guarantee of not less than RMB16 m for FY08

Deal reflects the Group’s continual efforts to source premium products to add to further growth

SINGAPORE, 9 July 2008 FOR IMMEDIATE RELEASE Mainboard-listed Sihuan Pharmaceutical Holdings Group Ltd. (Sihuan, the Group, 四环医药控股集团有限公司), a leading manufacturer of cardiocerebral vascular (CV) drugs in the PRC, announced that wholly owned Shenzhen Sihuan Pharmaceutical Co. Ltd. (Shenzhen Sihuan) has secured the exclusive rights to distribute a high-quality amino acid injection in the PRC for a period of five years.

Named Luoanming (洛安命), the nutritional drug is used to enhance the recovery of patients after injury or surgery. Luoanming is purer than alternatives sold in the market as it is made from superior raw materials imported directly from Japan and Western countries. It also possesses higher efficacy than cheaper rival substitutes such as glucose infusions. Currently, there are no similar products whose raw materials are sourced from overseas.

Sihuan’s Executive Chairman and Chief Executive Officer (CEO), Dr Che Fengsheng (车冯升), said: “The shortage of blood supply in the PRC has led to a huge demand for amino acid pharmaceutical products. This nutritional drug segment in the PRC market is fairly sizeable, being worth at about RMB1.3 billion, and it is expected to grow at a healthy rate.

Under its experienced and discerning management, Shenzhen Sihuan has identified Luoanming as a premium product with which to make its initial forays into this profitable market segment.“In PRC, patients are opting for better quality, yet affordable products. Given Luoanming’s superior product quality, coupled with Sihuan’s extensive distribution capabilities and established reputation as a leading pharmaceutical company, we are confident of unlocking full potential in China. We believe we can obtain selling prices and margins that reflect its strong attributes.”The Group acquired Shenzhen Sihuan in October 2007 for RMB60 million. This company is engaged in the marketing and distribution of own-brand and third-party pharmaceutical products in the PRC, through a network of 29 sales offices and 1,067 distributors.

Dr Che added: “The acquisition of Shenzhen Sihuan has not only increased the depth ofour distribution, but also widened our product mix. Under the leadership of our deputy chairman, Dr Guo Wei Cheng, Shenzhen Sihuan is able to ride on Sihuan’s growing reputation to add new products and extend customer reach. It is on target to meet the profit guarantee of not less than RMB16 million for FY08.”

This announcement follows Sihuan’s recent purchase of a 45% stake in Beijing Purenhong,a major distributor of pharmaceutical products to 130 hospitals in Beijing. With bothShenzhen Sihuan and Beijing Purenhong in its fold, the Group will be able to generateeven greater demand for both its CV and non-CV drugs and further entrench its positionwithin the PRC.

Courage Marine sails off with top spot in Marine Money rankings

􀂄 Takes 1st place in prestigious award that ranked the financial performance of 99 shipping groups worldwide in 2007

􀂄 Also finishes top in ROA, Debt to Capitalisation and Debt Coverage Ratio

􀂄 Award validates its tested, asset-light business model of deploying older, well-maintained ships while imposing stringent cost controls

Courage Marine Group Limited, a dry bulk shipper focused on infrastructure and energy related commodities, has once again demonstrated just how tightly and effectively it runs its ship by finishing first in Marine Money’s industry-acclaimed annual rankings.

Triumphing over 98 other companies, Courage Marine has been named the world’s bestshipping company for 2007 by Marine Money International, a highly respected provider ofmaritime company analysis that tracks the financial performance of the world’s most noteworthy shipping groups.

Courage Marine has surprised many by beating out far larger groups such as Cosco Holdings, STX Pan Ocean and AP Moller-Maersk. Runner-up D/S Norden A/S has a fleet of 216 vessels to Courage Marine’s eight. Size is clearly not everything, however, as Courage Marine has proved by coming out topsin the overall performance rankings, which assess candidates based on measures such as total return to shareholders, profit margin, return on assets (ROA) and return on equity(ROE).

In the individual categories, the Group placed first in ROA as well, with a figure of 52.6%. For ROE, it clinched the ninth place, with a figure of 64.2%. Courage Marine also won kudos in the financial strength rankings, nabbing second place. In the individual categories, the Group topped the rankings in terms of credit rating, interest coverage and debt to capitalisation.

This superb showing is a testament to how successfully the Group has managed its operations, securing contracts at the best dry bulk shipping rates available and maintaining excellent fleet utilisation rates of over 90%. In addition, its tight rein on costs and gearingl evels has helped Courage Marine rake in enviable profits.

For FY07, the Group’s eight vessels brought in revenues of US$90.4 million and net profits of US$60.4 million. Without a doubt, Courage Marine’s triumph in the credit rankings can be attributed to its low gearing, high profitability and ample liquidity.

Said Chairman Hsu Chih-Chien: “All in all, the results were extremely gratifying as they clearly validate our business model. Even though our fleet is made up of older ships, they are well-maintained and efficiently deployed. At today’s prices, it is certainly feasible to extend the life of our vessels to maximise on the current boom in commodities, as long as the payback is swift and the debt burden is light.

Currently, we are riding the boom by focusing on the spot market, with some COAs (contracts of affreightment) thrown into the mix as well for longer-term revenue. We have been securing excellent spot rates for coal and iron ore. Even our COA rates have beenfavourable too”Mr Hsu added: “Courage Marine’s ability to maintain top-notch profits over the past few years proves that we have one of the better business models in the industry and that our long-standing relationships across the region have stood us well.

After all, this award is not the first time that Money Marine has recognised our achievements. It ranked us 10th inoverall performance, third in financial strength and fifth in dividend yield for 2006, when the rankings covered only 86 companies.

“Money Market publisher George Weltman was openly taken aback when we clinched the top place this year, but he acknowledged that our win is certainly no fluke given our solid track record and that Wall Street clearly finds merit in our tested business model, especially now, when commodity markets are soaring and charterers need to move cargoes.”

To make the most of the current boom, Courage Marine is looking to increase its fleet, with both new and secondhand vessels, depending on price and availability. The Group’s healthy balance sheet, which boasts cash reserves of about US$77 million, will facilitate these acquisitions.

Courage Marine recently posted sterling results for the first quarter ended 31 March 2008, with a 32% year-on-year (yoy) rise in net attributable profit to US$12.6 million. grew by 29% yoy to US$21.5 million. Tight cost controls helped push up the Group’s net profit margin, to 58.3% from 57.1%.

Latest Holding of My Portfolio ~ June 2008

Cash

China Energy
Courage Marine
Lizhong Wheel
ChinaXLX
Jiutian Chemical
Sihuan
Swiber

CPF
Asia Enterprise
Midas
Raffles Education

Performance of Virtual Fund ~ June 2008

China Fish -$3,600
Raffles Education -S$12,000
Noble Group -S$1,160
STX Pan Ocean -S$49,990

Total Unrealised Loss = -S$66,750 = -13.35%
Sum invested = $524,510
Cash holding = $4,110
Realised Profit = $28,620 = 5.724%

Published May 20, 2008 (Exract from Business Times)
Sihuan gearing up for forays overseas
By OH BOON PING

SIHUAN Pharmaceutical Holdings hopes to stretch its business tentacles overseas with a newly acquired drug research firm in China. In an interview with BT, executive chairman Che Fengsheng said the new subsidiary - Shandong R&D Company - already has collaborations with partners in the United States and Japan, and this will help the parent penetrate these markets.

Dr Che: Sihuan's building blocks include increasing product range and deepening customer reach
Shandong R&D joined Sihuan's fold recently when the latter paid some 62.5 million yuan (S$12.3 million) for a 60 per cent stake in Shandong R&D.

Like Sihuan Pharmaceutical, Shandong R&D specialises in cardiovascular-related and anti-infection drugs - it screens, designs, matches chemical compounds and analyses drug efficacy. Research at the firm focuses primarily on replicating successful existing drugs by modifying their structure but preserving their efficacy.

'As the original drugs are already widely accepted in the West, the success rate of the 'Me Too' drugs is likely to be high too,' said Dr Che. To date, Shandong R&D has filed more than 300 Chinese or international patents.

Within China, Sihuan Pharmaceutical has launched 19 CV drugs. Of note is its proprietary Kelinao, which is now available in 27 provinces and has a hospital penetration rate of 8 per cent. Between 2004 and 2007, sales of Kelinao grew at a compound annual rate of 89 per cent.

Thanks to Kelinao's strong contribution, Sihuan Pharmaceutical reported a 98 per cent jump in net profit to 179.3 million yuan, while sales jumped 77 per cent for the year ended Dec 31, 2007.
For the first quarter ended March 31, 2008, the company posted a 66 per cent rise in net profit to 53.1 million yuan on a 115 per cent rise in sales.

It has since developed a new derivative of Kelinao called Anjieli, which has a drug lower content and caters to patients that require smaller doses but more regularly. Its other drugs include Chuanqing, which is used for less acute stages of CV diseases, and Naloxone.

Dr Che said the building blocks of his company include increasing product range and deepening customer reach. To achieve these goals, the company is committed to spending 15-20 per cent of annual revenue on research and development, and now has more than over 70 drugs under development.

Management aims to grow its presence in domestic markets such as Liaoning and Hubei - provinces where penetration is low. And to foster greater understanding of its drugs, more seminars may be organised for doctors at hospitals.
Rising incidence of CV diseases

Looking ahead, Dr Che is upbeat, citing 20 per cent annual growth in drug sales in China over the past few years.

Also, the country has seen a rising incidence of CV diseases due to changes in diet, a faster pace of life, greater work pressure and an ageing population. These factors will drive demand for CV-related drugs.

Sihuan Pharmaceutical is also open to growth through acquisition and buying product rights. It said recently that it will acquire 45 per cent of Beijing's largest privately owned pharmaceutical products distribution company for 50.7 million yuan. Beijing Purenhong Pharmaceutical Co distributes various products, in particular specialised medicines, on behalf of major Chinese and international pharmaceutical companies to 130 major hospitals in Beijing.

In a report, DMG & Partners noted that Sihuan recently obtained approval to sell Aogan, a drug used to treat brain cell damage, saying: 'This will broaden and enhance Sihuan's product portfolio and allow it to further establish its presence in China. Aogan can be paired together with its existing products to treat brain cell damage.'

'Management expects sales of this drug to commence in H208, with strong revenue contribution accruing to the group from FY09 onwards,' it added.

The research house also believes Sihuan's stake in Shandong R&D will enhance Sihuan's edge in R&D and 'open up opportunities for Sihuan to break into the international scene'.

DMG noted that the Chinese government is introducing initiatives to transform the country's pharmaceutical industry, and that consolidation among pharmaceutical firms is expected to take place. 'This will result in a competitive operating environment for the industry,' said DMG. 'However, we believe Sihuan is positioned for growth, despite the expected challenges, given its expanding distribution network and R&D capabilities.'