LIM & TAN SECURITIES PTE LTD
20 CECIL STREET
Daily Review
30 August 2007
MIDAS
32.5% Owned Associate Company Won RMB1.441Bln Worth Of Contracts.
z Midas’s 32.5% joint venture company Nanjing SR
Puzhen Rail Transport (NSRPRT) and consortium
partners secured RMB2.16bln contract to supply
41 train sets (246 train cars) for the Shanghai
Metro Line 10 project.
z NSRPRT has an estimated 66.7% share of the
contract, translating to RMB1.441bln. This
contract is expected to be fulfilled between 2009
and 2011.
z These metro train cars would be the first batch
of train cars in China equipped with automated
driverless capability and reaffirms the market’s
confidence in NSRPRT’s ability to meet new tech
requirements and deliver top quality products.
Exhibit 1: Daily Performance Since 2006
Daily Review, 30 August 2007
#09-00 EQUITY PLAZA
SINGAPORE 049705
TEL: 65330595 FAX: 65332368
www.eq.com.sg
RCB Reg No. 197301030W
z As NSRPRT is one of 4 rolling stock companies
approved to undertake metro train projects on a
nation wide basis in China, and given the rapid
rail infrastructure expansion plans in China, the
company will continue to be a key beneficiary.
z As a result, we believe there will be more contract
announcements going forward which will benefit
Midas’s stock price.
z With the stock trading at an undemanding forward
PE of 25x versus its expected growth rate of 40-
50% as well as its peer Zhuzhou CSR Times’
forward PE of 38x, we maintain BUY.
Page 1 of 8
SGX-ST Member, SGX-DT (CNCM)
 SEKSUN
In Confidential Discussion Relating To A Possible Transaction But There Is No Certainty That A
Deal Can Be Struck.
z Seksun rose to an intra day high of 68 cents per
share yesterday before closing at 65.5 cents (+7.5
cents) on 8.859mln shares, above its average of 1-
3 mln shares in the last 2-3 weeks on the back of
takeover rumours.
z The company was queried by SGX for the significant
rise in trading vol and share price yesterday.
z The company said that they are in confidential
discussions in respect of a possible transaction,
but added that there is no certainty that a binding
agreement will be entered into between the parties.
z During the recent market carnage, the stock had
hit a low of 57 cents per share, down from its
July’07 high of 75 cents per share.
Exhibit 2: Daily Performance Since 2006
Daily Review, 30 August 2007
z During the last 3 months, the stock had hit a low
of 55 cents per share and high of 75 cents per
share.
z We had downgraded the stock to a HOLD on 13
Aug’07 (at 67.5 cents per share) as the stock has
risen over 80+% from our initial buy recommendation
and its forward PE of 10x only at a slight discount
to MMI, Brilliant and Amtek’s takeover PE of 11x.
z Besides, looking at the takeover table on the next
page suggest that most of the takeover news is likely
in the price with maybe a small upside potential
when the news is finally annnounced. Hence, we
see no reason to change our HOLD
recommendation.
Page 2 of 8
SGX-ST Member, SGX-DT (CNCM)
 Exhibit 1: Takeover Comparisons

Low 3m B4 High 3m B4 Just B4 Takeover

Company Announcement % Gain just B4
Announcement Announcement Price Announcement
(¢) (¢) (¢) (¢) (%)
First Engineering 75 95 97

Daily Review, 30 August 2007

Brilliant 100 3
20 39 40 42
UTAC 5
60 110 110 120
ECS 40 9
64 63 66.8 6
MMI 100 160 160
Amtek 165 3
60 100 105 110 5

Page 3 of 8
SGX-ST Member, SGX-DT (CNCM)
 MAGNECOMP
Sale Of Thai-Listed Subsidiary Implies That The Remaining Metal Stamping Operation Is Undervalued
S$0.845-MGCP.SI
z We believe Magnecomp’s sale of its 74.3% owned
subsidiary MPT at 2.73 Thai Bhat per share to
TDK is a reasonable price given that it values the
business at 2.1x price to book versus
Hutchinson’s 1x price to book (Hutchinson is
the world’s largest suspension maker with a
market share of 40-50% versus MPT’s 30%).
And MPT has been loss making in the last 3 years.
z More importantly for Magnecomp, the potential
sale proceeds of US$131-133mln (depending on
the acceptances of MPT’s minority shareholders)
equates almost of its current market cap of
$204mln, implying that the metal stamping
division (which made a profit of $15mln last year
and is expected to report the same level of profit
this year despite higher sales due to margin
pressures and higher raw material costs) is not
valued at all.
Exhibit 3: Daily Performance Since 2006
Daily Review, 30 August 2007
z If we assume that the market were to
conservatively value this business at say 5x PE,
(for lack of profit growth) the stock could
potentially trade up to $1.10 per share (around
the stock’s new book value), which incidently the
stock had hit in early July’07.
z Management said at yesterday’s briefing that the
major shareholders of Magnecomp has given
irrevocable undertaking to vote in favour of the
deal and TDK does not need to go through a
shareholders approval as the deal is small
compared to its market value.
z Depending on the board’s decision, the sale
proceeds would be used for (a) special dividends;
(b) expansion of the metal stamping division; and
(c) acquisition of a new business.
Page 4 of 8
SGX-ST Member, SGX-DT (CNCM)
 SHARE TRANSACTIONS - Kim Eng
Aug 28 - 29

BUY

1. Kuik Sin Pin bought 100,000 SIM LIAN shares at 69.5 cents each, raising holding to 5.4 mln
shares.

2. Fidelity Int’l bought 200,000 UNISTEEL shares, raising holding to 36.37 mln shares.

SELL

i. Wang Kai Yuen sold all of his remaining 600,000 COSCO shares at $5.10 each. His wife still
owns 500,000 shares.

ii. Temasek Holdings sold 9 mln YHI shares, reducing holding to 27 mln shares or 4.62%.

BUY-BACK

a. ASTI bought 470,000 shares at 23 cents each.

b. ENG KONG bought 155,000 shares at 22 cents each.

c. HAW PAR bought 78,000 shares at $7.80 each.

d. KIM ENG bought 4,523,000 shares at $1.75 each.

e. NOL bought 300,000 shares at $4.56 each.

f. UOB bought 400,000 shares at $20 each.

STABILIZATION ACTION

UBS bought 3 mln PARKWAY LIFE units, bringing the total bought to 23.736 mln or 55% of the total
under the greenshoe.

DBS bought 13,000 UNI-ASIA shares at 53.5-54 cents each.

Daily Review, 30 August 2007 Page 5 of 8

SGX-ST Member, SGX-DT (CNCM)
 WHAT’S AHEAD*

RESULTS

Company For Period When

Olam 4Q to Jun ‘07 Aug 29
Popular 1Q to Jul ‘07 Sept 10
China Flexible 3Q to Jul ‘07 Sept 13
NOL 3Q to Sept ‘07 Oct 31
Noble 3Q to Sept ‘07 Nov 12

CAPITAL REDUCTION & CASH DISTRIBUTION

Last Day First Day
Company Amount Cum-Entitlement X-Entitlement
SIA 50¢ cash distribution / 1 : 15 cancellation at Sept 4 Sept 5
$18.46 a share / top-up offer

BONUS

Last Day First Day

Company Ratio Cum-All X-All
SembCorp Marine 2 : 5 Bonus Aug 29 Aug 30
Kyodo-Allied 1 : 10 Bonus Sept 12 Sept 13

RIGHTS

Last Day First Day

Company Ratio Cum-All X-All
Lantrovision 2 : 1 Rights at 1.3¢ each# Aug 30 Aug 31
Fibrechem 1 NCPS : 4 ord shares at 50¢ each Sept 3 Sept 4
#
Includes special dividend of 1.9¢ net of tax

DELISTING FROM NASDAQ

Company Last Day Of Trading

Creative Tech Aug 31 ‘07^
^ Extended from Aug 1

US FOMC MEETING

Sept 18
Oct 30 - 31
Dec 11

DIVIDEND (LIST IS NOT EXHAUSTIVE)

Last Day EX-D

Company Amount Cum-D Commences
Jardine Matheson 20 US¢ interim Aug 28 Aug 29
Jardine Strategic 5.6 US¢ interim Aug 28 Aug 29
UOB-Kay Hian 9¢ interim less tax Aug 29 Aug 30
Hong Leong Asia 4¢ interim (1-tier) Aug 31 Sept 3
SC Global 7¢ special less tax Aug 31 Sept 3
Yellow Pages 4¢ final (1-tier) Sept 4 Sept 5
Khong Guan 6¢ 1st + final less tax Sept 5 Sept 6
Kim Eng 8¢ special interim (1-tier) Sept 10 Sept 11
Stamford Tyres 1.5¢ 1st + final / 0.5¢ special less tax Sept 13 Sept 14
SGX 30¢ final (1-tier) Oct 1 Oct 2
Micro-Mechanics 2.5¢ final / 1¢ special tax exempt Oct 12 Oct 15
Robinson 10¢ final (1-tier) Oct 31 Nov 1
Singapura Finance 6¢ final / 3¢ special less tax Oct 31 Nov 1
British & Malayan Trustees 56¢ final (1-tier) Nov 1 Nov 2
F J Benjamin 1¢ final / 1¢ special less tax Nov 9 Nov 12

REITS / BUSINESS TRUST

CapitaRetail China Trust 3.27¢> Sept 7 Sept 10
>
For the period from 23 Oct 2006 to 30 Jun 2007

* Just announced by respective companies in bold

Daily Review, 30 August 2007 Page 6 of 8

SGX-ST Member, SGX-DT (CNCM)
 TAKEOVER / PRIVATISATION / COMPULSORY ACQUISITION/
VOLUNTARY DELISTING / SCHEME OF ARRANGEMENT

Latest Value
Price Of
Conditional Offeror’s Of Cash-Share Closing
Company Offeror Offer On Stake Offeree Alternative Date
(%) (¢) (¢)
1. Brilliant Nidec 41.8¢ >75% approval 87.11 41 NA 3.30pm
<10% to vote 31 Aug ‘07
against offer

Acceptances As At
27 Jul 32,352,775

2. ECS VST 66.8¢ Approval of VST 52.5* 64 NA NA

Holdings shareholders at an
EGM>
>
Shareholders who own 56.29% of VST Holdings will use their best endeavours to procure the holding of the EGM no later than 26
Oct ‘07, and vote in favour of the deal.
* 52.5% of ECS shareholders have agreed to accept VST Holdings offer.

3. Semb Toll 70 - 80¢+ >50% 89.57* 79.5 NA 31 Aug ‘07

Kimtrans Express
+
Depending on whether acceptances exceed 90%
* To hit 90%, Toll needs acceptance of another 1,772,428 shares or 0.43% in the next 2 days.
- Toll’s holding prior to bid: 106,080,000
- Acceptance by Tan brothers: 126,841,750
- Acceptance by minorities:
02 Jul - 13 Aug 65,850,315
22 Aug 24,335,199
23 Aug 33,958,375
24 Aug 4,774,500
27 Aug 458,500
28 Aug 1,694,500
29 Aug 972,275
Total 364,965,414

4. Thai Apex- 0.6 Apex share / >50% 37.80 18.5 / 18.6 / 5.30 pm
Village Pal 20.1¢ cash / 31 19.6 13 Sept ‘07
0.2 Apex share +
13.4¢ cash

5. UTac Affinity $1.20 >75% approval 24.43%@ 115 NA 4Q ‘07

TPG Capital Cash in an EGM

@
24.43% of certain shareholders have given irrevocable undertaking to vote in favour of the deal

Daily Review, 30 August 2007 Page 7 of 8

SGX-ST Member, SGX-DT (CNCM)
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Daily Review, 30 August 2007 Page 8 of 8

SGX-ST Member, SGX-DT (CNCM)