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					SINGAPORE RESEARCH
www.estockresearch.com

Breakfast News Friday, 27 Jun 2008
Indices (Closed as at 26 Jun 08 )
Indices FTSE-STI KLSE Hang Seng Nikkei DJIA Nasdaq Close 2,980.95 1,203.89 22,455.67 13,822.32 11,453.42 2,321.37 Chge % Chge -5.67 -0.2 -5.22 -0.4 -179.49 -0.8 -7.60 -0.1 -358.41 -3.0 -79.89 -3.3

Market Commentary
Singapore market – Likely to fall but fundamental remains healthy • Singapore: Market surged initially after US Federal Reserves left the Fed Fund rate unchanged at 2% with the STI rose significantly above the 3,000 resistance level during the morning trade. However, market dropped sharply during the after trade as investors started to worry about the effect of possible higher US interest rate in the future may deteriorate the already fragile sub-prime market and thus more write-down by banks with substantially sub-prime exposure. Europe opened lower towards the later part of afternoon added fuel into fire. STI Closed the day 5.67 points or 0.2% down to 2,980.95. Trading volume was moderate with 1.02 billion shares with S$1.37 billion done. Gainers managed to lead losers 289 to 222. Wall Street: Concerns over higher oil prices and further write downs by banks brought the US market to the lowest level of this year. Market fell sharply due to concerns over possible deteriorating sub-prime market after Fed left interest rate unchanged and signalled possible rate hike in the near future. Investors were worried that the higher interest rate could put more pressure on the weak US housing market and thus the banks. Crude prices surged after OPEC President Chakib Khelil was quoted as telling a French television station that crude prices could rise to between US$150 to US$170 this summer before pulling back. Together with gloomier corporate outlook, Dow fell 358.41 points or 3.0% to 11,453.42. Nasdaq was not spared, dropped 79.89 points or 3.3% to 2,321.37. The fell came despite better economic releases. Final first quarter GDP grow rate was higher than the previous estimate at 1%. Existing home sales were better than expected so as initially claims. Light crude oil surged US$5.09 to close at US$139.64 per barrel on NYMEX. Outlook: Market may fall with the US today. While the drop in the US were due mainly to fear over the sub-prime and higher oil prices, the downgrading of corporate earnings and outlook also play a major part. US economic releases are better than expected and thus were should not worry too much on its impact on Singapore economy and corporate earnings. Yes, Singapore GDP will be lower, but is likely to achieve respected growth. We expect the Singapore GDP to grow at 4.8% in 2008. Although we believe the fundamental is still healthy, investors should not jump in immediately. Slowly accumulate.

New Listings
Company China Fibretech Ltd Offer Price S$0.21 Debut Day 30/06

IPO Launches
Company Offer Offer Price Closes Heng Long International Ltd S$0.34 07/07

Results announcements
Company Popular Holdings Ltd Date of Release FY08 27/06

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MICA (P) 214/09/2007

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Company Highlights
Genting International – Launch of “CircusCasino.com” • Genting International P.L.C. (the “Company”) announced it has launched its first online casino brand, “CircusCasino.com”, in the United Kingdom after receiving approval from the Alderney Gambling Control Commission (“AGCC”) for an online gaming licence. Players from around the world will be able to access “CircusCasino.com” and view the Play for Fun games. However, from launch only players from the United Kingdom, Isle of Man and Channel Islands will be able to deposit funds and Play for Real games.
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Westcomb Securities Pte Ltd

Breakfast News

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The launch of “CircusCasino.com” is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Company for the financial year ending 31 December 2008.

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Westcomb Securities Pte Ltd
Disclosure

Breakfast News

Westcomb Securities Pte Ltd is a wholly-owned subsidiary of Westcomb Financial Group Limited (“WFG”). WFG and its related corporations (including Westcomb Securities Pte Ltd) (collectively the “Westcomb Group”) are principally engaged in the provision of a wide range of capital market advisory and other related services. Each member of the Westcomb Group together with their respective directors and employees may also act as a market maker, or have taken or take positions, or effect transactions in the securities covered or recommended in this Report and may also perform or seek to perform broking and other investment or securities-related services for the Company. For purposes of Section 36 of the Financial Advisers Act (Chapter 110) (“FAA”), as at the date of this Report (being the date of publication of this Report):(a) Westcomb Securities, its associated persons and its connected persons do not have an interest in the securities covered or recommended in this Report; and (b) The research analyst of Westcomb Securities who has prepared this Report and his associated persons and connected persons do not have an interest in the securities covered or recommended in this Report; and The terms “associated persons” and “connected persons” have the meanings ascribed thereto in and as defined in Sections 36(3), 2(1) and 3 of the FAA. Westcomb Securities Pte Ltd Rating Systems Buy Trading Buy Hold Trading Sell Sell Disclaimer This Report is based on information obtained from sources which Westcomb Securities Pte Ltd believes to be reliable and correct at the time of publication of this Report. Whilst Westcomb Securities Pte Ltd has taken all reasonable care to ensure that such information is correctly reproduced in the preparation of this Report, no guarantee is given as to the adequacy, accuracy, completeness, reliability or fairness of such information. Any opinion, estimate or recommendation in this Report is subject to change without notice. This Report is not, and should not be construed as, an offer or a solicitation of an offer to buy or sell any securities covered or recommended in this Report. This Report may not be published, circulated, reproduced or distributed in whole or in part to any other person without the written consent of Westcomb Securities Pte Ltd. This Report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution or use would be contrary to applicable law or regulations. This Report and the recommendations (if any) therein: (i) is intended for general information and circulation only, and does not purport to contain all the information that a prospective recipient of this Report may require to make an investment decision on the securities covered or recommended in this Report; (ii) have not taken into account, the specific investment objectives, financial situation and particular needs of any specific recipient of this Report; and (iii) should not be taken in substitution of the exercise of judgment by any recipient of this Report, who should instead consult their own professional and financial advisers as to the legal, business, financial, tax and other aspects regarding the suitability of the securities covered or recommended in this Report for investment having regard to the specific investment objectives, financial situation or particular needs of such recipient, before making any investment decision in relation to such securities. Consequently, Westcomb Securities Pte Ltd does not assume or accept any liability whatsoever for any direct or consequential loss occasioned to any recipient of this Report arising from any use of this Report or otherwise arising in connection with this Report. : : : : : >15% upside over the next 12 months + 10% to + 15% range over the next 3 months +/- 15% range over the next 12 months - 10% to - 15% range over the next 3 months >15% downside over the next 12 months

Goh Mou Lih Head of Research Westcomb Securities Pte Ltd (Reg. No. 200300646M) A member of Singapore Exchange Securities Trading Limited 5 Shenton Way #09-08; UIC Building Singapore 068808 Tel : 65- 6319 4988, Fax : 65-6220 489

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