Macquarie ups Lippo-Mapletree target to $0.64

Macquarie raises Lippo-Mapletree Indonesia Retail Trust (D5IU.SG) target price to $0.64 from $0.55 after rolling forward valuation to 2011, lowering risk-free rate assumption. Keeps Outperform call.

Says annualized dividend yield remains attractive at 8.6%, while overall portfolio performance strong, with average occupancy at 98% in 3Q10 vs 81% industry average.

Notes trust plans to double asset size to S$2 billion in next few years, mainly via acquisitions.

Says funding no issue as current gearing only 13%; “LMIR will be the main beneficiary of the growth of the Indonesian economy and the stronger rupiah.” REIT flat at $0.52.

Cambridge Ind Trust- COMPLETION OF THE ACQUISITION OF 511 AND 513 YISHUN INDUSTRIAL PARK A USE OF PROCEEDS FROM THE PRIVATE PLACEMENT AND PREFERENTIAL

1.1 Cambridge Industrial Trust Management Limited, as manager of Cambridge Industrial Trust (“CIT” and the manager of CIT, the “Manager”), is pleased to announce the completion of the acquisition of the property located at 511 and 513 Yishun Industrial Park A, Singapore 768768 and 768736 respectively (“511 & 513 Yishun Industrial Park A”).

1.2 RBC Dexia Trust Services Singapore Limited, in its capacity as trustee of CIT (the “Trustee”), has today completed the acquisition of 511 & 513 Yishun Industrial Park A from Seksun International Pte. Ltd. pursuant to a put and call option agreement dated 20 October 2010 entered into between the Trustee and Seksun international Pte. Ltd.

511 Yishun Industrial Park A is a 5-storey light industrial building with ancillary workers’ dormitory, clean room facilities and surface carpark lots. 513 Yishun Industrial Park A is a 4-storey industrial building with mezzanine level. These two buildings are connected by a bridge via the second floor of each building. The properties are easily accessible via the Seletar Expressway. Both properties will be leased back to Seksun International pte. Ltd. for five (5) years from legal completion of sale.

2. USE OF PROCEEDS
2.1 Further to the announcements dated 21 October 2010, 1 November 2010, 2 November 2010, 16 November 2010 and 18 November 2010 in relation to the private placement and preferential offering concluded in November 2010 (the “Equity Fund Raising”), the Manager wishes to announce that S$21.8 million of the net proceeds from the Equity Fund Raising has been utilised for the purposes set out in the table below:

	Amount
	S$ million	%
Net proceeds from the Equity Fund Raising *	47.5	100
Less:
Part payment of the purchase price for 511 & 513 Yishun Industrial Park A and estimated acquisition costs	-21.8	-45.9
Balance of net proceeds remaining from the Equity Fund Raising	25.7	54.1

*Net of estimated fees and expenses (including underwriting fees) of approximately S$2.9 million.
Such use of proceeds is in accordance with the stated use in the announcements dated 21 October 2010 and 2 November 2010 in relation to the Equity Fund Raising.

Portfolio - November 2010

My Portfolio for the month of November 2010.

Company	Date of Purchase	Puchase Price	Market Price	Gain/Loss
Ezion	7-May-07	$0.57	$0.665	17%
Aims Amp	29-Sep-10	$0.215	$0.220	2%
Innotek	1-Apr-10	$0.555	$0.530	-5%
Cambridge	14-Jul-10	$0.506	$0.535	6%
SP Austnet	12-Aug-10	$1.04	$1.130	8.6%
First Reit	29-Nov-10	$0.975	$0.985	1%

Dividend
(1) SP Austnet XD on 24/11/10. Will be issuing AUD$0.05.
(2) And Aims Amp Reit XD on 09/11/10. Will be issuing SGD$0.003968.

Purchase
(1) Bought Transpac on 08/11/10 @$2.19 and sold off at $2.24 for a quick trade.
As expected, the price dropped more than 41 cents after XD. However, did not expect Transpac to recover to 1.83 a few days after that.

(2) Successfully subscribed to 4lots of Cambridge Ind Trust under preferential shares.

(3) Bought more SP Austnet on 19/11/10.

(4) Bought First Reit on 29/11/10.


Sell
(1) Sold off main bulk of Ezion to fund purchase of First Reit at $0.665.

First Reit - RESULTS OF EXTRAORDINARY GENERAL MEETING HELD ON 29 NOVEMBER 2010

Bowsprit Capital Corporation Limited, in its capacity as manager of First Real Estate Investment Trust (“First REIT” and as manager of First REIT, the “Manager”), is pleased to announce that at the extraordinary general meeting of unitholders of First REIT (“Unitholders”) held at 2.00 p.m. on Monday, 29 November 2010 at Mandarin Ballroom 2, Level 6, Main Tower, Mandarin Orchard Singapore, 333 Orchard Road, Singapore 238867, all four resolutions as set out in the Notice of Extraordinary General Meeting dated 10 November 2010 were duly passed.

These resolutions relate to:
(i) the acquisition of Mochtar Riady Comprehensive Cancer Centre, which is located at Jalan Garnisun Dalam RT. 010/001 Kelurahan Karet Semanggi, Kecamatan Setiabudi, South Jakarta, Indonesia (“MRCCC”) and the master lease of MRCCC;

(ii) the acquisition of Siloam Hospitals Lippo Cikarang, which is located at Jalan Mohammad Husni Thamrin Kav.105, Lippo Cikarang, Bekasi 17550, Indonesia (“SHLC”) and the master lease of SHLC;

(iii) the issue of 345,664,382 new units in First REIT (“Units”, and the new Units, the “Rights Units”) on a fully underwritten and renounceable basis to Eligible Unitholders (the “Rights Issue”) on a pro rata basis of five (5) Rights Units for every four (4) existing Units held as at 5.00 p.m. on 3 December 2010 (the “Rights Issue Books Closure Date”), at the issue price of S$0.50 per Rights Unit, fractional entitlements to be disregarded; and

(iv) the waiver by Independent Unitholders2 of their rights to receive a mandatory take-over offer from Lippo and the Concert Parties, which would otherwise result in a mandatory offer pursuant to Rule 14 of the Singapore Code on Takeovers and Mergers, as set out in the circular to Unitholders dated 10 November 2010.

SGX-Listed InnoTek Invests S$15.7 Million In Sabana REIT; Resumes Share Buyback To Enhance Shareholder Value

· Subscribed for and has been allotted 15 million shares at S$1.05 each in
REIT recently listed on SGX

· Investment enhances returns on its substantive cash holdings

· Resumes share buyback and increases treasury shares to 19.03 million
currently

SINGAPORE, 29 November 2010 – InnoTek Limited (“InnoTek” or “the Group”) has invested S$15.7 million in Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT”), which was listed last Friday on the Mainboard of the Singapore Exchange, in a move to enhance shareholder value by increasing the return from its cash holdings.

SGX Mainboard-listed InnoTek said it has been allotted 15 million shares at an issue price of S$1.05 each in Sabana REIT, the first Syariah-compliant real estate investment trust listed on the SGX and the world's largest-listed Syariah compliant REIT by total assets.

The precision metal components manufacturer, which has substantial operations in China, held net cash of S$60.8 million or 26.6 cents per share as at 30 September 2010. It disposed its data storage business in FY2007 for US$133 million and has since paid S$0.3 dividends per share, including S$0.05 each year for FY2008 and FY2009.

“InnoTek has a strong balance sheet and we are very careful how best to return
value to shareholders. While we are still looking to acquire companies which can add value to our core business, we will not be rushed. This investment in the
REIT offers a much better return than in bank deposits,” said InnoTek’s Managing Director Mr Yong Kok Hoon.

According to Sabana REIT’s prospectus, its Reit manager Sabana Real Estate
Investment Management has forecast a distribution yield of about 8.22 per cent
for 2011 and 8.25 per cent for 2012.

Mr. Yong Kok Hoon has also been appointed as an independent director of
Sabana REIT. Save for Mr Yong and Mr Peter Tan who each holds less than
0.5% units in Sabana REIT, none of the Directors or controlling shareholders of
the Company has any interest, direct or indirect in the Investment other than
through their shareholding interests in the Company.

InnoTek concurrently announced today that it had commenced its share buyback programme with the acquisition of a combined 583,000 shares so far in November.
It currently holds 19.03 million treasury shares, or 8.3% of the total issued capital
of 227.6 million shares as at 26 November 2010, after substantial buybacks since
the financial year ended 31 December 2007 (“FY2007”).

Treasury shares are stocks bought back by the issuing company, reducing the
total number of issued shares in the open market. A reduced issued share capital
base increases the earnings per share and saves the company in dividend
payment, indirectly resulting in a higher yield on net cash.

For the July-September 2010 (“3Q’10”) period InnoTek’s net profit rose to S$4.5
million from S$1.0 million in 3Q’09 as its wholly owned Mansfield Manufacturing
Company Limited recorded higher sales of TV components and tooling .

Reits Dividend Yield

Aims Amp update

- Sale of 23 Changi South Avenue 2 Singapore above book value
- Signing of three long term leases with high quality tenant at 23 Tai Seng Drive
Singapore
- 100% occupancy achieved at 15 Tai Seng Drive Singapore

Sale of 23 Changi South Avenue 2 Singapore (“Property”)
On 3 November 2010 the Manager announced that it had issued an option (“Option”) to Premier Land (East) Pte Ltd (“Purchaser”) for the sale of the Property for S$16.7 million following the payment by the Purchaser of a 1% non refundable option fee of S$167,000. The sale price is S$500,000 above the book value of the Property of S$16.2 million as at 30 September 2010.
The Manager is pleased to announce that the Purchaser exercised the Option on 15 November 2010 and has paid S$1.5 million, equivalent to 9.0% of the sale price. The balance of the sale price will be paid in cash on completion of the sale, which is expected to take place in January 2011.

The sale of the Property is consistent with the Manager’s strategy of recycling the Trust’s capital to maximise returns for unitholders. The Manager adopts a proactive approach towards managing the Trust’s properties with a view to enhancing their quality and value. This includes identifying properties within the Trust’s portfolio which have reached the optimal stage of their life cycle for divestment, allowing the Manager to free up capital to provide the Trust with greater financial flexibility for future investment opportunities.

Signing of three long term leases with high quality tenant at 23 Tai Seng Drive Singapore
The Manager is pleased to announce that it has recently signed three long term leases at market rents with T-Systems Singapore Pte Ltd (“T-Systems”), a Deutsche Telecom Group Company, at 23 Tai Seng Drive Singapore. 23 Tai Seng Drive is one of the Trust’s five multi tenancy properties and has a total net lettable area of 92,150 sqft.
The signing of these leases with T-Systems is consistent with the Manager’s asset management strategy of securing high quality tenants with long lease terms which increase the weighted average lease expiry (“WALE”) profile of the Trust’s portfolio. The WALE of the Trust’s portfolio is currently 3.9 years.

T-Systems has signed two leases over levels one, three and four of the building which span reception, office, warehouse and data centre areas which in aggregate represent a total of 51,158 sqft or 56% of the net lettable area of the property. The leases end on 31 July 2020 with an option to renew for a further five years. The leases are subject to a rent review in January 2013 with fixed rental escalations every two years after that.

In addition, T-Systems has signed a five year lease (with a five year option) over level two of the building representing 8,176 sqft or a further 9% of the net lettable area of the property. In total, T Systems now occupies over 64% of the property. The occupancy of the property is 100%.

100% occupancy achieved at 15 Tai Seng Drive Singapore
15 Tai Seng Drive is another one of the Trust’s multi tenancy properties. The property, which has a total net lettable area of 192,000 sqft, had occupancy of 85% as at 31 March 2010. The Manager has recently achieved occupancy of 100% at the property after securing lease renewals with existing tenants as well as new leases over previously unoccupied space. The total occupancy of the Trust’s portfolio is currently in excess of 98%, which compares favourably to the Singapore industrial average of 92.5%.

OCBC starts Frasers Commercial trust at Buy

OCBC initiates Frasers Commercial Trust (A48U.SG) at Buy with $0.17 fair value. Says, REIT's high quality assets (Singapore properties--52% of gross revenue--either high-quality commercial property located near CBD and high-tech business development at fringe area of central Singapore), strong sponsor (Fraser & Neave (F99.SG)) “will provide FCOT with an acquisition pipeline of potential assets.”

Notes stable income profile, growth potential; “FCOT enjoys a number of blue-chip long-tenure leases and master leases that provide long-term income stability...along with potential for rental upside.”

Adds, FCOT trading at 59% discount-to-book vs broader office-REITs trading at 30% discount-to-book. “This significant discount is unjustified, considering FCOT's high-quality assets, healthy balance sheet and its strong sponsor.”

Says $0.17 fair value translates to estimated total return of 12.6%. REIT +3.1% at $0.165.

Heightened risks for Singapore REITs - CIMB

Singapore REITs face increasing risks as acquisition prospects getting challenging, while upside for unit prices may be limited with upcoming IPOs like Mapletree Commercial Trust, Sabana REIT possibly drawing investors’ attention away from existing plays, says CIMB.

Expects asset prices to rise amid intensifying competition from funds, other property investors. Says lack of accretive assets in Singapore could drive REITs to buy abroad, exposing them to FX uncertainties, higher taxes.

Adds, assets with limited operation histories unlikely to be accretive in short term without income support from REITs’ vendors. Also flags prospect of more cash calls as most REIT managers unlikely to opt for long-term gearing ratios of over 45%. Cites Cache Logistics Trust (K2LU.SG) as top pick for 8.3% yield, undemanding valuations.

Suggests avoiding CapitaMall Trust (C38U.SG) given limited growth catalysts for next 2 years, significant capex needs.

RESULTS OF PREFERENTIAL OFFERING PURSUANT TO EQUITY FUND RAISING Cambridge

Further to the Earlier Announcements, the Manager wishes to announce that valid acceptances of 27,759,491 Preferential Units and applications for 41,069,559 additional Preferential Units in excess of provisional allotments under the Preferential Offering (the “Excess Preferential Units”), representing an aggregate of 68,829,050 Preferential Units, were received as at the close of the Preferential Offering on 10 November 2010. Based on the total number of 38,483,354 Preferential Units available for subscription and taking into account the Excess Preferential Units applied for, the Preferential Offering is approximately 1.8 times subscribed.
A total of 10,723,863 Preferential Units, arising from (i) the provisional allotments of Preferential Units which were declined or not validly accepted by Entitled Unitholders and (ii) those of Unitholders who are not Entitled Unitholders, have been allotted to satisfy applications for Excess Preferential Units.

Ezion 3rd Quarter results

Ezion Holdings: Ad-hoc project bumps up revenue (OCBC)

Summary: Ezion Holdings (Ezion) reported a 120.7% YoY rise (+39% QoQ) in revenue to S$45.7m and a 143% increase (but -39.4% QoQ) in net profit to S$10.0m in 3Q10. Revenue was much higher than expected and we understand that this is mainly because the group had undertaken an ad-hoc marine services project in relation to the Gorgon project, contributing S$11m to total revenue. Core net profit was also higher than expected such that 9M10’s figure accounted for 83% of our full-year estimate. Ezion expects more assets to be deployed in 4Q10, and this includes the third liftboat which started contributing in the latter half of October this year. Demand for its liftboats is expected to remain good. Meanwhile, the group will also continue to pursue business opportunities and projects in Australia and its vicinities. We maintain our BUYrating and fair value estimate of S$0.82. (Low Pei Han)

Ezion Holdings - 3Q10: Strong 3Q10 results to continue into 4Q10. (UOBKH)
(BUY/S$0.735/Target: S$0.90)
FY11 P/E (x): 9.0
FY12 P/E (x): 7.4
Strong 3Q10 on contribution from new assets. Ezion Holdings (Ezion) reported 3Q10 revenue of S$45.7m (+120.7% yoy, +38.9% qoq) and net profit of S$10.0m (+143.3% yoy, -39.4% qoq). Improvement in revenue was attributed to contributions from: a) the third liftboat unit, b) deployment of vessels to Australia, and c) marine services provided in relation to the Gorgon project. Weaker sequential earnings were due primarily to S$7.5m gains on the partial sale of the first liftboat unit which was booked in 2Q10.
Maintain BUY, target price at S$0.90. Ezion is currently trading at 9.0x 2011F PE and 7.4x
2012F PE. We value Ezion at 11.0x 2011F PE, based on 2-SD above long-term PE mean for asset owners. With the progressive deliveries of two more liftboats in 2010 and 2011, increasing exposure to the Gorgon gas project in Australia, and potential fleet expansion, Ezion remains one of our top picks in the oil services sector.

InnoTek 3Q’10 Net Profit Rises 374% To S$4.5 Million

• Revenue of wholly owned Mansfield Manufacturing Company Limited rises 22.6% to $112.8 million in 3Q’10 from S$92.0 million in 3Q’09 on higher sales of TV components and tooling

• 3Q’10 EPS of 1.98 cents is 382.9% higher than 0.41 cent in 3Q’09

• 9M’10 net profit rises to S$13.7 million from S$4.6 million in 9M’09

• Financial position remains strong – Group net cash position of S$60.8 million as at 30 September; also holds 18.4 million treasury shares

SINGAPORE, 12 November 2010 – InnoTek Limited (“InnoTek” or “the Group”) announced today that its net profit after tax for the July-September 2010 (“3Q’10”) period rose 373.9% to S$4.5 million from S$1.0 million in 3Q’09 as its wholly owned subsidiary Mansfield Manufacturing Company Limited (“MSF”) recorded higher sales of TV components and tooling.

SGX Mainboard-listed InnoTek said the net profit was achieved on the back of revenue of S$112.8 million in 3Q’10, an increase of 22.6% from S$92.0 million in 3Q’09, on continued pent-up demand and improvement in business sentiment.

Revenue from the precision metal components and sub-assembly segment rose to S$103.2 million in 3Q’10 from S$83.4 million in 3Q’09. Apart from higher sales of TV components, frame sales from its Dutch subsidiary Exerion Precision Technology Holding B.V. also rose to S$9.6 million in 3Q’10 from S$8.6 million in 3Q’09 due to higher demand for printing and medical equipment components.

The Group’s Q3’10 net profit improved by S$3.5 million compared to Q3’09 mainly due to the higher revenue. However, profitability was affected by higher material costs and the weakening of the USD/HKD against RMB. This was mitigated by a S$0.4 million write-back of doubtful trade receivables compared to a provision of S$0.4 million a year ago after successful collection of the debts.

At the Company level, InnoTek reduced its loss to S$1.3 million in 3Q’10 from S$1.4 million in 3Q’09 mainly due to lower foreign exchange losses. Since the end of FY09, the Company had converted most of the US Dollar cash balance to SGD to mitigate the impact of the weakening of the US Dollar.

For the nine months ended 30 September 2010 (“9M’10”) InnoTek’s net profit after tax rose 199% to S$13.7 million from S$4.6 million in 9M’09, on revenue of S$316.9 million, which was 17.9% higher than S$268.7 million, respectively.

Earnings per share rose to 5.97 cents in 9M’10 from 1.96 cents in 9M’09. Net asset backing per share as at 30 September stood at 84.8 cents compared to 85.8 cents as at 31 December 2009 following payment of dividend in May 2010 amounting to S$11.4 million or 5.0 cents per share.

The Group’s financial position remains healthy, with net cash position of S$60.8 million or 26.6 cents per share, comprising cash and cash equivalents of S$99.1 million less total borrowings of S$38.3 million, as at 30 September. It also holds 18.4 million treasury shares repurchased earlier to enhance shareholder value.

On the outlook, the directors expect Q4’10 demand for office automation and automotive components to remain sustainable but demand for TV components to soften. As such, Q4’10 performance is expected to be weaker than the last two quarters. Nevertheless the Group will remain profitable in Q4’10 and focus more on cost management and improving operational efficiency to mitigate the impact of lower revenue.

“In the absence of any unforeseen circumstances, we expect the Group to remain profitable in 4Q’10 but to perform weaker than Q3’10 while overall FY10 performance will exceed that of FY09,” said InnoTek Group Managing Director Mr Yong Kok Hoon.

“We will continue to actively pursue appropriate merger and acquisitions opportunities. We will maintain our cautious stance, focusing on earnings-accretive businesses, and stringently evaluate feasible investment proposals,” he said.

SP Austnet Half year results

Total Revenues 785.8 up 10.1%
EBITDA 463.2 up 8.1%
EBIT 337.7 up 7.0%
NPAT 166.0 up 22.6%

Half Year Distribution: 4 cents
SGX-ST ex-distribution date: Wednesday 24 November 2010
Payment of distribution: Wednesday 22 December 2010

KeyPoints
- Revenues 10.1% higher as a result of incentive scheme payments due to improvements in network reliability, additional revenues from the Advanced Metering Infrastructure ("AMI") program, strong growth in customer numbers, favourable weather conditions and the increase in service revenue from Select Solutions

- EBITDA growth of 8.1%. NPAT growth of 22.6% driven by lower income tax expense

- On track to deliver a full year distribution of at least 8.000 cents per security

- Fully franked dividend component increased to 39.8% of total distribution

- Continuation of Distribution Reinvestment Plan for the 2010/11 interim distribution

- Higher net finance charges, mainly due to $11.8m of hedge de-designations. No economic loss as recovery will occur over the term of the hedge.

Outlook
Looking forward, SP AusNet will determine future distribution amounts based on operating cash flows after servicing its maintenance capital expenditure and a portion of its growth capital expenditure. For FY11, SP AusNet expects to at least match the distributions per security for FY10. As with prior years, the seasonality of revenues, particularly due to higher demand on the gas distribution network for heating during the winter months, results in a larger proportion of revenues being earned in the first half of the year. Operating costs are more evenly spread over the full year, resulting in lower revenues and NPAT in the second half of the year.

Organic growth in the regulated asset base continues to be strong, with high levels of demand for energy infrastructure from new housing developments and peak demand growth within the distribution network areas. New wind farm and gas fired generation connections on the transmission network also ensure growth in SP AusNet’s asset base. SP AusNet remains committed to growing and modernising its existing networks. SP AusNet will also focus on expanding and commercialising niche asset services, in particular metering and technical services. In addition, the adoption of smart networks via the Advanced Metering Infrastructure (AMI) program is a key platform for future growth.

SP AusNet now expects capital expenditure in FY11 to be around 16% higher than FY10. Prior guidance for capital expenditure in FY11 was to be around 5% higher than FY10. The revised guidance is due to changes in the AMI program and the acquisition by Select Solutions of water metering business Schultz Plumbing.

On 4 October 2010, SP AusNet confirmed to the ASX and SGX-ST an improvement in NPAT for HY11, in the range of 15 – 25% over the previous corresponding period. The HY11 NPAT improvement is mainly driven by $28m (approx.) of favourable income tax expense adjustments, arising from tax consolidation, investment allowance and research and development deductions. The favourable tax adjustments recorded in HY11 will consequentially impact (favourably) FY11 NPAT.

Victorian February Bushfires
On 7 February 2009, the state of Victoria was impacted by significant bushfires. The Victorian Government subsequently established a Royal Commission of Inquiry into the Victorian bushfire crisis. The Royal Commission made a number of recommendations that are intended to reduce the occurrence and impact of future bushfires. SP AusNet will continue to work with the Victorian Government, its Powerlines Bushfire Safety Taskforce (“the Taskforce”) and electricity regulators to scope the recommendations, with a view to making constructive improvements designed to make the electricity network even safer.

Until the full extent and nature of the recommendations are worked through, it is not possible to accurately estimate the costs that will result from implementation of the recommendations. The Taskforce is expected to provide its final report by 30 June 2011. It is required to recommend a 10 year plan to reduce bushfire risk accompanied with options for fairly and efficiently recovering the costs of that plan.

SP AusNet is a defendant in litigation that has been brought in connection with the 7 February 2009 bushfires located at Kilmore East and Beechworth, respectively. SP AusNet denies it was negligent. SP AusNet alleges that its conduct was at all times reasonable, in compliance with technical regulations and reasonable in light of economic regulations applicable to SP AusNet. SP AusNet will vigorously defend these claims.

It is too early for SP AusNet to speculate on the outcome of any claims which may be instituted by third parties. If these claims are pursued, SP AusNet has liability insurance which specifically provides cover for bushfire liability. SP AusNet reviews its insurance cover annually and ensures it is commensurate with the scale and size of its operations, the risks assessed to be associated with its operations and with industry standards and practice. SP AusNet’s bushfire mitigation and vegetation management programs are audited annually by Energy Safe Victoria. SP AusNet had a “zero” bushfire mitigation index throughout the 2008-09 bushfire season.

CIT preferential shares

Cambridge Industrial Trust is offering 38,483,354 new units on a basis of 1 preferential share for every 25 existing units at an issue price of $0.531. It is a discount of ~3.5% from the closing price of $0.55 today. The last day to take up this offer is 10th Nov and i intend to take up the offer of 2400 shares and subscribe an excess of 2600 shares so as to make up to 5 lots.
If i do get all 5 lots, my average cost will increase to $0.507 per share.

Yield of close to 20% ......

Transpac industrial holding is currently giving a dividend of 41cents which will XD on 25th November. With the closing price of $2.21, the yield is almost 19%.

Lets take a look at its dividend history.
Nov 2010: $0.41
May 2010: $0.10
Dec 2009: $0.40
Sep 2007: $0.50
June 2007: $0.55
June 2007: $0.37
Oct 2006: $0.40

Background

Transpac Industrial Hldgs Ltd is an investment company incorporated with limited liability on 7 February 1994. The Company aims to achieve substantial capital appreciation primarily through equity or equity-related investments in growing private companies located in Asia with emphasis on Singapore, China, Hong Kong, India, Indo-China, Indonesia, Malaysia, Pakistan, the Philippines, South Korea, Sri Lanka, Taiwan and Thailand.

The Company is managed by Transpac Capital Pte Ltd, which was formed in late 1989 by combining the resources of Transtech Venture Management Pte Ltd and Techno-Ventures Hong Kong Ltd (TVHK), forming one of the largest private equity investment firms in the region.

Large investments as of 31st Dec 2009:

Foodstar Holdings Pte Ltd (sold)

Fortune Code Limited Property and Development

Hansen Limited Consumer Services

Neo-Neon Holdings Limited

Transpac Equity Investment Trust

Ethypharm HK Limited Healthcare

Transpac Capital 1996 Investment Trust

Foshan Nanhai Zhongnan Aluminium Wheel Co Ltd

Transpac Venture Partnership II

Sesame Seed Group Limited

Total cost $133.649 mil
Fair value $201.607 mil

Period	Full Year Dec 2009	Full Year Dec 2008	Full Year Dec 2007	Full Year Dec 2006
EPS [$] (Earnings/Latest No. Of Shares)	0.47712	-0.00794	0.81466	0.40014
NAV [$] (Shareholders' Equity/Latest No. Of Shares)	1.8034	1.2979	1.4184	2.1055
Price Earnings Ratio (PER) (Price/EPS)	4.63	n.a.	2.71	5.52
Price/Revenue (Price x Latest No. Of Shares/Revenue)	2.770	2.977	3.767	4.219
Net Earnings Margin [%] (Net Earnings/Revenue)	59.795	-1.069	138.847	76.381
Revenue Growth [%] ((Current Year Revenue - Last Year Revenue) / Last Year Revenue)	7.487	26.522	11.999	16.388
Net Earnings Growth [%] ((Current Year Earnings - Last Year Earnings) / Last Year Earnings)	n.a.	n.a.	103.593	907.596
Return On Assets (ROA) [%] (Net Earnings/Total Assets)	21.821	-0.448	41.297	14.028
Return On Equity (ROE) [%] (Net Earnings/Equity)	26.456	n.a.	57.434	19.004
Current Ratio (Current Assets/Current Liabilities)	6.101	1.832	1.806	3.335
Debt To Equity Ratio ((Total Liabilities - Cash And Cash Equivalents)/Equity)	n.a.	0.035	n.a.	0.254

Snapshot of 3rd Quarter Financial report 2010 (Company)
(1) Profit 3mths YOY decrease by 77%
(2) Cash and equivalent drop to 87mil from 127mil
(3) Liabilities drop from 5.6 mil from 9.9mil
(4) cash flow generated drop to -16mil from 56.7mil
(5) EPS (diluted) drop to 5.29 cents from 32.04 cents
(6) NAV: 1.72

Snapshot of 3rd Quarter Financial report 2010 (Group)
(1) Profit 3mths YOY increase by 6%
(2) Cash and equivalent drop to 134mil from 164mil
(3) Liabilities drop from 31mil from 32mil
(4) cash flow generated drop to -3mil from 65mil
(5) EPS (diluted) drop to 5.86 cents from 41.86 cents
(6) NAV: 1.6

On the outlook, dividend history looks pretty consistent and tempting. It seems that only in year 2008, no dividends were issued. A quick look at the financials does show that the company is not in a good state in generating profit, however, it is cash rich at the moment. With the amount of dividends that it is issuing, it is "eating" into the company's reserves.

However, with the 41 cents dvd in mind, i have taken a plunge at $2.19 for a quick trade. The price has run up quite a bit since the announcement on 4th November 2010. I believe by XD, the price of this counter will plunge by 40cents or more.

In the long run, i do think it may not be a good company to hold on to unless its profit generation mechanism has improved. Whether it is a good trade or not, we shall see.

Aims Amp - Phillip Securities

AAC recorded 2Q2011 revenue of $16.8 million ( +42.1% YOY), net property income of $12 million ( +3% YOY) and distributable income available to unitholders of $8.3 million (+55.2% YOY). AAC will payout 97.5% of distributable income, and DPU for the quarter was 0.3968 cents (-79% YOY). In 4Q2010, when AAC added properties to its portfolio. Results exclude contribution from the October acquisition ; so, we expect subsequent quarters to show improvement. We forecast 2H2011E DPU to 1.785 cents, or a yield of 8%. We revise up our price target slightly to 24 cents derived from a DDM model.

SP Ausnet executes 3 bank debt facilities to raise total of A$400mil

Singapore Power’s Australian unit, SP AusNet, has successfully executed three bank debt facilities to raise a total of 400 million Aussie dollars. Proceeds from the deal will be used to refinance existing bank debt and to fund growth capital expenditure. The company says it’s maintaining a well diversified debt maturity profile together with well diversified sources of debt. This, coupled with a strong investment grade credit rating, gives it ready access to debt markets both in Australia and offshore. SP AusNet notes it is therefore not reliant on any one capital market or any one source of debt The firm had 446 million Aussie dollars in cash at the end of September and 325 million Aussie dollars of undrawn but committed bank debt facilities due in April 2012

Industrial Reits - OCBC

Common themes of 3QCY10 results; OVERWEIGHT

Positive Outlook. At 3QCY10 results, we found a few common themes in the guidance given by the industrial REIT managers: positive outlook, strengthening rents, acquisitions and equity fund raising (EFR). The unifying motivation is to capitalise on the recovery cycle that will both strengthen the REITs and also grow distributable income.

Economic conditions remain favourable. Non-oil domestic exports (NODX) grew 23% YoY in Sep 10. Manufacturing output also increased 26.2% YoY. Going forward, the government remains committed to keep manufacturing as a key economic-driver in Singapore with new stimuli to raise the productivity and image of the different industries. These include a new branding campaign called the “We Can Movement” to attract talent to the logistics/SCM industry and the commitment to inject $16.1b over the next five years to support research, innovation and enterprise in the biomedicalsciences, electronics, info-communications, as well as other “white spaces”.

Industrial rents strengthening. The 3Q10 price and rental indices of industrial space continue to improve by 8.3% and 4.8% QoQ, respectively. Rental rates for business parks moderated slightly to S$3.65 psf pm while both light industrial and warehouse rental rates improved by 6.5% and 3.3% to S$1.65 psf pm and S$1.55 psf pm, respectively. With improved rail connectivity to the suburban regions, we also expect further upside to the industrial buildings situated near the upcoming MRT lines (Downtown, Thomson, Eastern Region).

Acquisitions are back on the table. Mapletree Logistics Trust (MLT) has acquired some 11 properties in Asia YTD on the back of a S$305m EFR launched in Sep 10. A-REIT has also completed the acquisition of 31 Joo Koon Circle and DBS Asia Hub for S$131m in Apr 10. Cambridge Industrial Trust is undergoing a S$50.4m EFR presently to fund the acquisition of 25 Tai-Seng Avenue, 511/513 Yishun Industrial Park A and two other potential sites for S$73.2m. In addition, the two newly-listed REITs this year, Cache Logistics Trust and Mapletree Industrial Trust may be silent for now, but we look forward to them contributing actively to the acquisition pot progressively.

Valuations. The industrial sector typically lags the office sector by a few quarters. With the upbeat momentum in the office space, Industrial REITs stand to capitalise on the spillovers to business parks, high-tech and light industrial buildings. In terms of forward yields, Industrial REITs also trade at a premium of 70 basis points to the broader sector. We are bullish on the industrial sector recovery and now have an OVERWEIGHT rating for the Industrial REITs subsector. Top of our pick is Mapletree Logistics Trust (MLT) with a fair value estimate of S$0.97.

Aims Amp Reit - Sale of 23 Changi South Avenue 2 Singapore 486443 above independently appraised value

Sale price: S$16.7 million

• Book value as at 30 September 2010: S$16.2 million
• Sale expected to complete in January 2011
• Provides opportunity for future investment opportunities
• In the interim, net sale proceeds will be used to repay debt under the Trust’s newly established revolving credit facility, reducing aggregate leverage to approximately 33.4% from approximately 34.8%
• Continued execution of Manager’s strategy to maximise returns for unitholders

AIMS AMP Capital Industrial REIT Management Limited, the manager (the "Manager") of AIMS AMP Capital Industrial REIT (the "Trust") wishes to announce that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of AIMSAMPIREIT (the "Trustee"), has today issued an option (the "Option") to Premier Land (East) Pte. Ltd. (the "Purchaser") for the sale (“Sale”) of 23 Changi South Avenue 2 486443 begin_of_the_skype_highlighting 2 486443 end_of_the_skype_highlighting (“Property”) for a consideration of S$16.7 million (the "Sale
Consideration").

The book value of the Property is S$16.2 million based on an independent appraisal by CBRE as at 30 September 2010.

Principal terms of the Sale
The Purchaser has today paid to the Trust S$167,000, equivalent to 1.0% of the Sale Consideration, as a non refundable option fee. The Purchaser will pay S$1.5 million, equivalent to 9.0% of the Sale Consideration, on exercise of the Option on or before 16 November 2010. The balance of the Sale Consideration will be paid in cash on completion of the Sale, which is expected to take place in January 2011.The completion of the Sale is conditional upon, among others, the approval of JTC Corporation to the Sale.

Rationale for the Sale
The Sale is consistent with the Manager’s strategy of recycling the Trust’s capital to maximise returns for unitholders. The Manager adopts a proactive approach towards managing the Trust’s properties with a view to enhancing their quality and value. The approach includes identifying properties within the Trust’s portfolio which have reached the optimal stage of their life cycle for divestment. This allows the Manager to free up capital to provide the Trust with greater financial flexibility for future investment opportunities.

Use of Sale proceeds
The Sale proceeds, net of sale related costs, will be used to repay debt under the Trust’s newly established revolving credit facility, reducing aggregate leverage to approximately 33.4% from approximately 34.8%. This increased headroom will provide the Trust with greater financial flexibility for future investment opportunities.