CITY DEVELOP, SIA, SIA ENG. ST ENG.

若有钱，还想买：
ALLGREEN, HPL, INTFACTOR, PANUNITED, SNP, SPH, TAT HONG...

其中牛某紧密观察 city dev, sia engr, st engr, intl factor, 2 pan u，sph

city dev 9。6附近有小支持，前两天跌到了，但木有买。
sia engr，吾在3。22刚跑掉不久。这个和sats最近跌的都挺厉害，说不定又可作了。
intl factor，吾这几天一直在78。5排队。
2个pan u都可以做。吾一月份当这两个50左右就这么说，现在还这么说。
sph似乎进入短期升势，吾1月23日以近期最低价4。24排队买到的，还没卖掉。

1510 [Dow Jones] UBS recommends investors seek "refuge" in Singapore stock market as "the market is defensive as a result of ongoing balance sheet restructuring, the dominance of cash generative companies and positive earnings trend". Says at 2500, STI trades at 15.6X P/E which below its 5-year mean of 16.1X. Among banks, it prefers DBS (D05.SG) to UOB (U11.SG). Likes Parkway (P27.SG), ST Engineering (S68.SG) for defensive cash-generating businesses.

昨日在2。11犹豫没买，后来在2。14追了进去。

油价一直居高不下，廉价航空又在抢客，澳洲至美国航线好像也没争取到？

买SIA保险吗？？？

Time Price Bid Offer Change Volume Total Vol
17:10:44 3.540 3.600 3.440 -0.060 686000 2461000

今天收盘时有大笔望下打，意图不明，还是有点吓人。

xd要等到5月5日。

DBSV 28/02/2006:

Hong Leong Finance
FY05 results: Better days ahead

Hong Leong Finance (HLF) reported FY05 earnings that were within our estimates,
but below market expectations. Net profit fell 8.8% y-o-y to S$79.1m, mainly due to a
surge in interest payable that outstripped increases in lending rates. However,
provision for loans and advances fell to S$14.9m (-35.1% y-o-y), due to the improving
Singapore economy. HLF proposed a gross final dividend of 17 cents per share,
bringing FY05 dividend to 33 cents per share or yield of 7%. We are positive about
the financial market, as rising mortgage rates widen net interest margins for 2006. We
upgrade our recommendation to BUY with a raised target price of S$4.22, based on
1.3x FY06 P/BV, a discount to average Singapore banks P/BV of 1.65x.

FY05 profit lower due to higher cost of funds. Interest rates continued to rise
during the year, but lending rates hikes lagged the rising cost of funds, resulting in
narrowing spreads. However, the bottom-line was helped by lower provision of S$14.9m, a
decline of 35% from the previous year.

Some good news. HLF proposed a gross final dividend of 17 cents per share, bringing
total FY05 dividend to 33 cents per share, or yield of 7%. HLF also achieved significant
loans growth of 11%, with loans outstanding crossing the S$6bn mark towards the end of
the year. This growth was largely attributed to strong demand for housing loans, particularly HDB loans. SME and share loans also achieved double-digit growth.

Brighter days ahead. The near term pain is over, and there are brighter days ahead for
HLF. This is premised on the prospects of rising mortgage rates, momentum in the property
market, and approval by the regulators to allow HLF to distribute insurance products and to
provide foreign exchange facilities for SME customers. We upgraded our recommendation
to BUY with target price of S$4.22, based on 1.3x FY06 P/BV, a discount to average
Singapore banks P/BV of 1.65x. This reflects our optimism in the financial sector.

Lim & Tan 01/03/2006

HONG LEONG FINANCE
An Overlooked Yield Story S$3.80-HLF.SI

HLF has declared final dividend of 12 cents per share,
and a special of 5 cents, bringing the total for the full year
to 33 cents, less tax, or 26.4 cents net. (HLF had paid 10
cents special in Q1 and 6 cents normal interim in Q2. In
2004, it paid 18 cents per share: 6 cents interim and 12
cents final.)

The “normal” dividend bill for 2005 of $62.61 mln would
have represented just over 75% of net profit of $82.38
mln, including the increased fair value of cash flow hedges.
This is as per MAS requirement. The special dividend bill
of $52.15 mln would have used up $13 mln of the
remaining S44 tax credits (actual not disclosed).

Profit declined 9.3% y-o-y in Q4 to $20.19 mln, and 8.8%
for the year to $79.05 mln, partly reflecting increased
expenses, especially on depreciation, and partly
provisions as loan books continued to grow.

Indeed, loan assets rose an impressive 5% sequentially,
or 10.9% y-o-y, to $6,054 mln, as HLF’s focus on the
HDB loan and the SME markets starts to bear fruits.

The key point is that HLF is in a position to at
least maintain the same dividend payout in 2006
and 2007, before the deadline for utilizing S44
credits at end’07.

Accounting rule change, specifically FRS 39, has resulted
in Retained Earnings surging to $178.64 mln at end
end’05 from $94.3 mln a year ago, thus being in a position
to be generous even after the Dec’07 deadline.

At $3.78, yield for 2005 would be 8.7% gross and 7%
net, making HLF the highest yielding quality stock here.

HLF shares have done well in the last 4 years, hitting a
high of $4.10 last August, and are expected to continue
to do so.

Maintain BUY.