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.”