OCBC Investment Research - We continue to like MMH for its healthy balance sheet (net cash position), committed management and attractive prospective dividend yield of 6.1% (our FY11F forecast). Taking into account the latest set of results and better-than-expected improvement in operating margins, we bump up our FY11F earnings forecast by 10.6% to S$7.4m, but retain our FY12F estimates. We also rollover our valuation to 12x blended FY11/FY12F EPS; which in turn raises our fair value estimate from S$0.58 to S$0.67. Maintain BUY. Key risks include a larger-than-expected slowdown in the semiconductor industry...

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China Fishery Group Limited reported its results for the first quarter of the financial year ending 28 September 2011. Group revenue rose 13.4% to US$115.1 million from US$101.4 million in the same period last year. Trawling and Peruvian fishmeal operations accounted for 90.6% and 9.4% of total revenue respectively. In terms of profitability, gross profit rose 26.3% to US$42.7 million due to higher revenues and improvements in operational efficiency in both trawling and fishmeal operations as well as the increased revenue. Net profit rose 7.9% to US$19.7 million, while net profit margin remained relatively stable at 17.1%...

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Pacific Andes Resources Development Limited announced its results for the first quarter of the financial year ending 28 September 2011. The Group is pleased to report an increase in total revenue and profitability on the back of higher revenue from both frozen fish supply chain management and fishing divisions, and greater operating efficiencies achieved. Group revenue was up 10.9% to HK$1,734.8 million from HK$1,564.0 million in the same period last year. In tandem with the higher revenue recorded, the Group's gross profit increased by 21.9% to HK$379.6 million during the period under review from HK$311.4 million, while net profit rose 11.2% to HK$167.4 million and net profit attributable to owners of the Company grew 0.4% to HK$100.8 million despite a dilution of shareholding of 7.4% consequent to the placement of China Fishery Group Limited‘s shares to The Carlyle Group...

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Raffles Education Corporation Limited wishes to announce that the Company is proposing a share consolidation of every 3 existing ordinary shares in the capital of the Company into 1 ordinary share in the capital of the Company. The Directors are of the view that the Share Consolidation will rationalise the share capital of the Company by reducing the number of Shares outstanding. Accordingly, the Share Consolidation may also serve to reduce the transaction costs for investors in their dealings in the Consolidated Shares...

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Boustead Singapore Limited is pleased to announce that its 91.7%-owned subsidiary, Boustead Projects Pte Ltd has been awarded a contract to design, build and lease an integrated aircraft sales, fixed-based operator, maintenance, repair and overhaul facility for Hawker Pacific Asia Pte Ltd located at Singapore's Seletar Aerospace Park. Headquartered in Australia and with its Asian regional headquarters in Singapore, the Hawker Pacific Group is an aviation sales and customer support organisation 'Leading the Way' in the Asia Pacific. Since 1978, it continues to proudly represent the world's leading private and business aircraft manufacturers in both aircraft sales and service solutions that include flight services, aircraft management, fixed-base operator, aircraft maintenance, repair and overhaul, design engineering, structural modifications, spares and logistics. Its impressive client list spans across private and business aviation, defence forces, emergency services, special mission operators and commercial airlines...

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Samudera Shipping Line Ltd is pleased to announce that on 31 January 2011 it has taken delivery of Sinar Bintan, a container vessel with a carrying capacity of 1,054 TEUS, in Pusan, South Korea. Sinar Bintan will help the Group achieve its long term target of a balanced portfolio of owned, long-term charter-in and short-term charter-in vessels. This strategy will offer better flexibility in fleet deployment and stability in overall vessel operating cost of the Group...

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Karin Technology Holdings Limited is pleased to announce the appointment of Mr Cheng Pak Cheong, Ray, as the new Legal Representative for its wholly-owned subsidiaries Karin Electronic Trading (Shenzhen) Co. Ltd and Karin International Trading (Shanghai) Co. Ltd. with immediate effect. Mr Cheng takes over the role from Mr Lee Yiu Chung, Eugene, who is also the Executive Director and Chief Operating Officer of the Group, and a Director of both Karin SZ and Karin SH. Mr Cheng has more than 20 years' experience working in the PRC...

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It started out as a school project for his son, but when Swiber Chairman Mr. Raymond Goh visited the Gawad Kalinga Foundation in the Philippines, he saw for himself an inspiring undertaking of volunteers, helping to build shelters for the homeless and at the same time, meet the one who started it all, Mr. Tony Meloto. Inspired by what he witnessed and what he heard from Tony's vision and passion, Mr. Goh invited Mr. Meloto to be the next featured speaker for the Swiber Walk the Talk...

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