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