LIM & TAN SECURITIES PTE LTD
                                                                                        20 CECIL STREET
                                                                                        #09-00 EQUITY PLAZA
                                                                                        SINGAPORE 049705
                                                                                        TEL: 65330595 FAX: 65332368
                                                                                        RCB Reg No. 197301030W
  Daily Review
  14 May 2008

  Trading Range Ahead                                                                            S$3.75-TELE.SI

      Sing Tel reported net profit of $1092.8 mln for Q4      target ratio to 45-60% from 40-50%), the final
      ended Mar ’08, up 10.5% from a year ago. Underlying     dividend is “only” 6.9 cents, vs 6.5 + 9.5 special a
      profit, ie net of this fiscal year share of Bharti’s    year ago. The total for the full fiscal year of 12.5
      profit from asset sale and year ago’s $337 mln IDA      cents per share translates to a yield of 3.3% with
      compensation, was up 9.2%.                              the share price at $3.75.

      For the full year, net profit growth of 4.8%            Short of another crisis, as in earlier part of the year
      compares with 14.3% growth at the underlying            (see Exhibit 1), we do not expect Sing Tel to
      profit level. Associates contribution totaled $635.0    continue to outperform the general market. The
      mln in Q4 (+53% y-o-y, largely due to Bharti of         recent District Court in Jakarta’s ruling that Sing
      India) or 47.9% of EBIT, and $2066.5 mln for the        Tel dispose of its 35% stake in PT Telkomsel or
      full year (+34.4%), or 44.3% of total EBIT.             Temasek its 40% indirect stake in PT Indosat,
                                                              will also act as a dampener on Sing Tel’s share price
      What is however disappointing is that while the total   performance. Trading band is therefore what likely
      dividend payable for ye Mar ’08 represents 58% of       lies ahead for Sing Tel shares.
      Underlying profit (leading management to raise the

  Exhibit 1: Relative Performance Of Sing Tel & STI Index Since October 2007

                                                                                                 Sing Tel

                                                                                      STI Index

  Note: STI peaked at 3831.19 on 11 Oct ‘07, when SingTel closed at $4.14.

Daily Review, 14 May 2008                                                                                 Page 1 of 10
                                                                                        SGX-ST Member, SGX-DT (CNCM)
   Enticing Yield                                                                                  S$15.76-SIAL.SI

       Investors are likely disappointed that SIA is “only”     to the 21.4% / 3.7% drop in the Q4 / full fiscal year’s
       paying final dividend of 80 cents per share, vs last     bottom-line to $527.5 mln and $2049.4 mln
       year’s final of 35 cents + special of 50 cents, and      respectively.
       earlier speculation of a “generous” final payout.
       Together with the 20 cents interim already paid out,     Fuel cost rose 13.8% in Q4 and 2.2% for the full
       the net yield is an attractive 6.3% with the stock at    year, and accounting for 35.4% / 36.3% of total
       $15.76. (Perhaps management would consider               operating expenses respectively.
       evening out the twice-yearly dividend payment.)
                                                                The ever-rising oil prices will therefore act as a
       All things considered, especially the persistent price   dampener on SIA’s share price performance, going
       up-trend for oil (US$127 per barrel in New York          forward.
       yesterday), and the year ago’s $246.7 mln tax benefit,
       SIA has done creditably: pre tax profit rose 15.4%       The delay in delivery of the new A380 aircraft is
       to $584.2 mln in Q4, and 36.7% for the full fiscal       also a dampener.
       year ended Mar ’08. The substantial drop in surplus
       from the sale of aircraft / spares also contributed      Even so, the yield justifies BUY on any weakness.

   Exhibit 2: SIA Daily Closing Since January 2007

   Exhibit 3: Relative Performance Of SIA & STI Index Since October 2007

                                                                                                     STI Index


Daily Review, 14 May 2008                                                                                   Page 2 of 10
                                                                                         SGX-ST Member, SGX-DT (CNCM)
   Looks Fairly Valued Now                                                                       S$1.85-UNIS.SI

      1Q2008 net profit fell a worse than expected 25%       Based on customer’s indicative forecast for 2H2008,
      yoy and 37% qoq to $9.5mln reflecting weakening        management expects 2H2008 to do better than
      of the US$ against Asian currencies, rising raw        1H2008. This is in line with the historical trend of
      material prices, increase China value added tax from   the company.
      4% to 12%, higher effective tax rate (up to 18.7%
      from 15.2% a year ago and 7.2% a quarter ago),         Good working capital saw operating cash flow rising
      $450,000 restructuring charges due to relocation       from $10mln to $14mln, more than sufficient to
      of HQ and factory from Loyang to Tuas and lack of      cover capex of $2.8mln. Financial position remains
      economies of scale due to low utilization rate of      robust with cash of $42mln versus debts of $14mln.
      the non-HDD business segment (due to weakness
      from Motorola and Microsoft).                          As the global business environment in 2008 remains
                                                             uncertain, management remains cautiously optimistic
      Weakness in the plastic division (Valen) due to the    of prospects.
      discontinuation of older models and lack of new
      product launches from Motorola and Microsoft           Due to the weaker than expected 1Q2008
      resulted in a 33% qoq decline in sales to $7mln,       performance and more cautious and uncertain
      while bottom-line fell from $1.5mln to just            2Q2008 and 2H2008 outlook, we are reducing our
      breakeven.                                             full year net profit estimate from $60mln to $52mln,
                                                             which represents a 7% growth from last year’s
      Looking ahead into 2Q2008, the HDD division is         $47.5mln. With a market cap of $753mln, forward
      expected to see the usual 5% seasonal weakness         PE is 15x, which is in line with its historical average
      while Motorola is expected to continue to see weak     trading range as well as that of the takeover PE of
      demand due to the lack of new product launches.        its peers such as MMI, Amtek, Seksun and
      The only bright spot is Microsoft’s game consoles,     Brilliant. Its price to book of 4.8x compares to
      which is expected to see strong demand from new        its ROE of 34%. With the stock having risen 45%
      game launches such as Grand Auto Theft. However,       since our upgrade early this year and only 7%
      as Microsoft only accounts for 5-6% of group sales,    discount to the rumoured takeover price of $2 per
      it would not be enough to offset the weakness from     share, we are only prepared to HOLD it now (net
      the HDD division. The continued weakness of the        div yield is still a decent 4.5%).
      US$ and higher raw material prices would also
      continue to hurt profit margins.

Daily Review, 14 May 2008                                                                                Page 3 of 10
                                                                                      SGX-ST Member, SGX-DT (CNCM)
   Earthquake Largely Non Event

      Regarding the earthquake in China’s Sichuan           For Synear Food, their newly started Chengdu
      Province (Chengdu city), Ferror China, Luzhou,        plant did not suffer any material damage but the
      Sino Environment, Pharmesis International,            company has shut down the operation temporarily
      China Sports, CapitaRetail China Trust,               and will try to resume operations as soon as possible.
      Devotion Energy, Central Land, China XLX              Last year, the Sichuan province contributed less than
      and Memstar all said that their operations are        1% to the group’s total sales of US$2.2bln, hence
      located far away from the Epic Centre of the quake,   management do not expect any material impact for
      hence no damage or disruption occurred.               the current financial year.

      For HIP, management said that they have a small
      operation there but was not negatively impacted
      by the quake and has shut down the operation due
      to no power supply.

Daily Review, 14 May 2008                                                                              Page 4 of 10
                                                                                     SGX-ST Member, SGX-DT (CNCM)
   SHARE TRANSACTIONS                             - Note Synear, MTQ
   May 5 - 13

                                                                                                 Transacted    Market     New
                    Stock                    Party                      BUY           SELL          Price      Price*    Balance       Stake
                                                                                                     ($)        ($)                     (%)
                    Stake Falls Below 5%
                    Synear                   JF Asset                       -       12,295,000      ND           0.58   68,740,000      4.99

                    ABR                      Ang Lian Seng            267,000           -          0.20            -     1,267,000      0.65
                    Enzer                    Jonathan Lim             581,000           -           ND           0.14   21,091,000      21.20
                    Popular                  Chou Cheng Ngok           73,000           -          0.29            -    248,252,750     55.17
                    YHI                      Tay Tiang Guan           200,000           -          0.265           -     3,100,000      0.53
                    Dayen                    Goi Seng Hui                   -       1,000,000       ND           0.72   26,946,750      13.99
                    Fortune Reit (HK$)       Cohen & Steers                 -       1,228,000       ND           5.00   47,654,000      5.86
                    *  Market average on the date of transactions
                    ND Not disclosed

                    Share Buyback
                                                                                                      Cumulative          % Of
                    Stock                                     No Of Shares             Price          Purchases         Maximum
                    LMA                                          31,000                 0.23           8,217,000            14.1
                    MTQ                                          17,000#                0.62            17,000              0.2
                    UIS                                          25,000                 1.59            226,000             2.0
                    Yangzijiang                                 1,200,000               1.09           1,600,000            0.5
                            First purchase under mandate to buy up to 9,148,200 shares

                    New Shares Arising From Exercise Of Warrants
                                                                                 Warrant                   Exercise
                    Company                     No Of New Shares                Expiry Date                 Price
                    Hor Kew                             895,000                 11 Nov 2010                   0.05
                    Hosen                               408,000                 25 Jun 2010                   0.03
                    Novena                              179,000                 16 Nov 2010                   0.08
                    Qian Hu                             360,000                 19 Sept 2010                  0.04

Daily Review, 14 May 2008                                                                                                          Page 5 of 10
                                                                                                              SGX-ST Member, SGX-DT (CNCM)


                                                       For Period            When
      Aqua-Terra                                      1Q to Mar ‘08          May 14
      CentraLand                                      1Q to Mar ‘08          May 14
      Changtian Plastic & Chemical                    1Q to Mar ‘08          May 14
      China Powerplus                                 1Q to Mar ‘08          May 14
      China Sports International                      1Q to Mar ‘08          May 14
      City Developments                               1Q to Mar ‘08          May 14
      CSE Global                                      1Q to Mar ‘08          May 14
      Datacraft                                       2Q to Mar ‘08          May 14
      Hong Leong Asia                                 1Q to Mar ‘08          May 14
      Hotel Plaza                                     1Q to Mar ‘08          May 14
      UOL                                             1Q to Mar ‘08          May 14
      Parkway                                         1Q to Mar ‘08          May 14
      SembCorp Ind                                    1Q to Mar ‘08          May 14
      Synear                                          1Q to Mar ‘08          May 14
      Thai Beverage                                  1Q to Mar ‘08           May 14
      Wearnes                                         2Q to Mar ‘08          May 14
      KS Energy                                       1Q to Mar ‘08          May 15
      Petra Foods                                     1Q to Mar ‘08          May 15
      Straits Trading                                 1Q to Mar ‘08          May 15
      Macarthurcook REIT                              4Q to Mar ‘08          May 21
      SP Ausnet                                       2H to Mar ‘08          May 22
      Yellow Pages                                    4Q to Mar ‘08          May 22
      CitySpring                                      1Q to Mar ‘08          May 28
      CSM                                       2Q ‘08 Mid Quarter Update    Jun 10
      China Flexible                                    2Q to Apr            Jun 13

                                                                               Last Day                 First Day
      Company                                           Amount              Cum-Entitlement           X-Entitlement
      Enporis Greenz                                     13.325¢                May 13                   May 14


      Company                                         Ratio                    Last Day                 First Day
                                                                              Cum-Bonus                 X-Bonus
      Noble Group                                  1 : 5 Bonus@                 May 16                   May 20
      Food Empire                                   1 : 5 Bonus                  Jun 2                    Jun 3

           Includes cash dividend of 2.48 US¢


      Company                                         Ratio                    Last Day                 First Day
                                                                              Cum-Rights                X-Rights
      Parkway Hldgs                       7 : 15 Rights at $2.18 each           May 15                   May 16
      Osim                               1 WRT : 4 Shares at 9¢ each@           May 22                   May 23
           Exercisable at 35¢ a share


      Jun 24 / 25   :   FOMC
      Aug 5         :   FOMC
      Sept 16       :   FOMC
      Oct 28 / 29   :   FOMC
      Dec 16        :   FOMC

       *   Just announced by respective companies in bold

Daily Review, 14 May 2008                                                                                   Page 6 of 10
                                                                                           SGX-ST Member, SGX-DT (CNCM)
                                                                                Last Day         EX-D
      Company                                                 Amount             Cum-D        Commences
      Financial One                                          3 US¢ interim       May   13        May   14
      DBS                                                     20¢ interim        May   16        May   20
      Starhub                                                 4.5¢ interim       May   16        May   20
      Singapore Food                                            3.2¢ final       May   22        May   23
      Asia Pacific Breweries                                  14¢ interim        May   23        May   26
      Hwa Hong                                             3¢ special interim    May   23        May   26
      OCBC                                                      14¢ final        May   23        May   26
      Fraser & Neave                                           5¢ interim        May   27        May   28
      Singapore Post                                           2.5¢ final         Jul 1            Jul 2
      SMRT                                                      6¢ final         Jul 15           Jul 16
      SIA Engineering                                          16¢ final         Jul 21           Jul 22
      SATS                                                     10¢ final         Jul 28           Jul 29
      Jurong Tech                                               1¢ final         Sept 9          Sept 10


      Asscendas India Trust                                     3.14¢+           May 13          May 14
      Omega Navigation                                         50 US¢^           May 14          May 15
      Rickers Maritime                                        2.14 US¢^          May 15          May 16
          For the period 1 Jan to 31 Mar 2008
          For the period 1 Oct 2007 to 31 Mar 2008

      *   Just announced by respective companies in bold

Daily Review, 14 May 2008                                                                        Page 7 of 10
                                                                                SGX-ST Member, SGX-DT (CNCM)

                                                                                                     Latest        Value
                                                                                                      Price         Of
                                                                                       Offeror’s       Of        Cash-Share        Closing
      Company           Offeror              Offer             Nature Of Offer          Stake        Offeree       Offer            Date
                                                                                          (%)          ($)          (¢)

   1. AsiaPharm         LuYe Intl /          72.5¢               Mandatory               77.19        0.735           NA          5.30pm
                          MBK                                   Unconditional                                                    22 May 08

          The offeror has extended the closing date, for the 6th and final time, to Thursday May 22nd. (It had earlier said it would not be
          revising its offer price, unless a “competitive situation were to arise”.)
          There have been no further acceptances since the last update on April 29th, when the closing date was extended to May 6th.

                                                           No. Of Shares

      As at offer announcement date#                         217,666,650
      Open market purchases
      25 March ‘08                                             5,118,000
      26 March ‘08                                             1,354,000
      28 March ‘08                                               61,000
      31 March ‘08                                              117,000
      01 April ‘08                                              279,000
      03 April ‘08                                              524,000
      07 April ‘08                                               30,000
      08 April ‘08                                              141,000
      09 April ‘08                                               32,000
      11 April ‘08                                               49,000
      14 April ‘08                                               30,000
      16 April ‘08                                               10,000
      25 March ‘08                                           123,715,747
      26 March ‘08                                            15,823,000
      28 March ‘08                                            10,447,564
      31 March ‘08                                              184,000
      01 April ‘08                                              641,000
      03 April ‘08                                              508,000
      07 April ‘08                                               74,803
      08 April ‘08                                               21,200
      09 April ‘08                                              903,000
      11 April ‘08                                             1,906,000
      14 April ‘08                                              340,200
      16 April ‘08                                               95,000
      22 April ‘08                                                6,713
      29 April ‘08                                              164,000
      Total                                                  380,366,877
          Undertaking by concert parties

Daily Review, 14 May 2008                                                                                                         Page 8 of 10
                                                                                                              SGX-ST Member, SGX-DT (CNCM)
                                                                                                          Latest          Value
                                                                                                           Price           Of
                                                                                            Offeror’s       Of          Cash-Share        Closing
       Company           Offeror                Offer             Nature Of Offer            Stake        Offeree         Offer            Date
                                                                                               (%)          ($)            (¢)

    2. Delong           Evraz Group      $3.9459 per share       Possible Mandatory           10.01          3.56           NA             NA
                                              in cash             Conditional Offer

       a.   Conditions must be met by 18 Aug ‘08 for offeror to be able to exercise call option to acquire another 41.05% of the company,
            thereby triggering GO, or seller can exercise put option to sell
       b. Evraz Group obtaining from China’s Ministry of Commerce and the State Administration of Industry and Commerce the requisite anti
          trust approval or clearance that they do not create any anti-trust concern under relevant legislation before 18 Aug ‘08; and
       c. There having been no claim, legal action, proceeding, suit, litigation, prosecution, investigation, enquiry or arbitration pending or
          threatened against Delong or any of its subsidiaries which is reasonably expected to result in a claim against the company of not less
          than RMB100 mln, taking into account the opinion of an independent financial adviser.
       d. Delong chairman Ding Liguo who owns 77.08% of the company has entered into a lock up agreement with Evraz in that he will not
          transfer, dispose, pledge or grant any option with any of the 26.03% of Delong shares for the period commencing from the date of the
          PRC Anti-Trust approval until 31 Oct ‘09. Similarly, Evraz has also agreed to do likewise.
       e. Both Ding Liguo and Evraz have granted to each other the option to sell and buy the 26.03% stake between 30 Apr ‘11 to 30 Apr
          ‘12 and the price will be set according to the company’s profit and net debt in the year prior to the exercise period, Evraz’s enterprise
          value and earnings and a historical 30 day average of MSCI Metals & Mining Index.

    3. Sing Lun             Vega                 46¢             Voluntary conditional        80.86          0.44           NA          5.30 pm
                          Company^                                     on >50%                                                         27 May ‘08

                                                               No. Of Shares
       Acceptances By interested Parties                         163,733,605
       Acceptances By Minorities As At 12.05.08                    5,940,314
       Open Market Purchases As At 24.04.08                       40,558,000
       Total                                                     210,231,919

Daily Review, 14 May 2008                                                                                                               Page 9 of 10
                                                                                                                    SGX-ST Member, SGX-DT (CNCM)

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Daily Review, 14 May 2008                                                                                 Page 10 of 10
                                                                                         SGX-ST Member, SGX-DT (CNCM)

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