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21 Nov 2008
NRA Capital    Pte. Ltd.   

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SGX-MAS Reports.
Avi-Tech Electronics Limited - Initiating Coverage 21 Nov, 2008
With net cash per share of $0.127, investors are effectively paying only $0.013 per share for the company.

Eastern Asia - 3Q08 results update 18 Nov, 2008
Strong recovery

China Aviation Oil - 3Q08 Results Update 18 Nov, 2008
We believe that the stock, having fallen 44.1% to its current price of $0.71 is now fully valued

Asia-Pacific Strategic Investments - Initiating Coverage 17 Nov, 2008
Investment Highlights

Ntegrator International Ltd - Initiating Coverage 13 Nov, 2008
We are initiating coverage on Ntegrator International Ltd (“Ntegrator”) with a HOLD recommendation and a target price of $0.034. This is based on a 6.4x FY08F P/E multiple.

Allied Technologies - 3Q08 results update 12 Nov, 2008
Margins improving but outlook uncertain

Saizen REIT - Initiation Report 11 Nov, 2008
Survival hinges on support from bankers and shareholders

Sim Lian Group Ltd - Results Update 11 Nov, 2008
Prevailing concerns over high construction and debt costs

United Envirotech Ltd - 2Q09 results update 10 Nov, 2008
Hurt by high raw material and staff costs

Pharmesis Intl Ltd - Results Update 10 Nov, 2008
Pharmesis Intl Ltd - 3QFY08 Update

Eastern Asia - Initiating Coverage 7 Nov, 2008
Restructuring process is almost done

CWT Limited - 3Q08 Results Update 6 Nov, 2008
CWT reported its 3Q08 results with PATMI of $55.1m, up 722% y-o-y.

Hotung Investment - Initiation Report 5 Nov, 2008
Macro-environment unfavourable for Venture Capital industry

GRP Limited - Initiating Coverage 4 Nov, 2008
We value GRP at $0.154 per share and recommend a HOLD on the stock

Thakral Corp Ltd - Company Update 24 Oct, 2008
Possible overhang from HLA stake? Not likely

Delong Holdings - Steel Production Cut Back 24 Oct, 2008
Delong confirmed that it had shut down 4 of its older blast furnaces to cut back on steel production

Etika International Holdings Ltd - Initiation Report 21 Oct, 2008
Defensive Basic Food and Beverage play

CWT Ltd - Initiating Coverage 17 Oct, 2008
Our valuations indicate that CWT is trading at a deep discount to its fundamental value

United Envirotech Ltd - Initiating Coverage 16 Oct, 2008
A membrane based water & wastewater treatment and reclamation solution provider

Willas-Array Electronics - Initiating Coverage 15 Oct, 2008
Willas-Array Electronics - Initiating Coverage

Thakral Corp Ltd - Company Update 14 Oct, 2008
EGM could mark turning point for the group

Tat Seng Packaging - Initiating Coverage 8 Oct, 2008
Investment Highlights

LMA International NV - Initiating Coverage 6 Oct, 2008
Key Investment Summary

Penguin Boat International Limited - Results Update 30 Sep, 2008
1H08 Results Update

Delong Holdings Limited - Initiating Coverage 25 Sep, 2008
Profit margins fell in FY07 because of sharp increases in raw materials prices which badly affected gross margin.

AGVA Corporation- Initiate with Buy TP S$0.08 24 Sep, 2008
Growing its retail segment

Allied Technologies - Initiating Coverage 24 Sep, 2008
Key Investment Summary

United Overseas Australia - Initiation Report 22 Sep, 2008
Deep value Malaysian Real Estate play

SP Chemicals Ltd - Company Update 17 Sep, 2008
Exit offer at 73 cents per share

Pharmesis Intl Ltd - Initiating Coverage 15 Sep, 2008
Investment Highlights

Thakral Corp Ltd - Company Update 11 Sep, 2008
Major shareholders’ wrangle to the fore

SP Chemicals Ltd - Initiating Coverage 8 Sep, 2008
Investment Highlights

Anwell Technologies: Initiate with Hold at fair value S$0.042 5 Sep, 2008
First Steps in the solar Industry

Poh Tiong Choon - Company Update 4 Sep, 2008
Poh Tiong Choon Logistics – On the right track

Megachem Ltd - Initiating Coverage 2 Sep, 2008
Megachem Ltd

Sim Lian Group. Company Results 2 Sep, 2008
FY08 net profit includes one-off gains and adjustments

Adampak - Results Update 25 Aug, 2008
1H2008 Update

Armarda Group- 2Q08 Results Update 22 Aug, 2008
2Q08 Results within our expectation

Leeden Ltd - Initiating Coverage with HOLD, TP $0.41 22 Aug, 2008
We value the company based on a 4.5x FY08F P/E. We believe that the stock is fairly value at its current price of $0.46.

Lion Asiapac Limited - Business Update 21 Aug, 2008
Disposal of AJAC

Youcan Foods International - Results Update 21 Aug, 2008
Long-term growth plans affecting short-term performance

Yaan Security Technology - Result Update 20 Aug, 2008
Sterling set of 1HFY08 results

Thakral Corp Ltd - Results Update 19 Aug, 2008
Still plagued by substantial write-offs

CHT Holdings- 1H08 Results Update 19 Aug, 2008
Profitability in 2Q08 came largely from forex gains and share of associate’s profits

Advanced Holdings Ltd - 1H08 Results Update 15 Aug, 2008
Gross margin improved slightly to 25.2% from 24.8% y-oy. Net profit margin however fell from 13.1% to 10.8% y-o-y

Petra Foods Limited - Results Update 15 Aug, 2008
Long-term growth plans affecting short-term performance

Youcan Foods International - Company Update 14 Aug, 2008
Meeting Resistance

Yaan Security Technology - Company Update 14 Aug, 2008
Meeting Resistance

Transview Holdings - Company Update 13 Aug, 2008
Possible Gains Ahead

ASA Group Holdings - Company Update 13 Aug, 2008
Likely Technical Correction Ahead

China Haida- 1H08 Results Update 13 Aug, 2008
Gross margins pulled down by higher aluminium prices

China Aviation Oil - Initiating Coverage 11 Aug, 2008
Initiating coverage with SELL, fair value at $1.06

Enzer Corp- Company Update 7 Aug, 2008
Cessation of Ariel Singapore Pte Ltd as the Substantial Shareholder

China Haida Ltd - Company Update 7 Aug, 2008
Potential Weakness Despite Low

CHT (Holdings) Ltd - Company Update 7 Aug, 2008
Technicals Lack Strength

Hiap Seng Engineering - Company Update 7 Aug, 2008
Possible Rebound

Enzer Corporation - Company Update 7 Aug, 2008
Possible Technical Correction Ahead

Armarda Group Limited - Company Update 7 Aug, 2008
Making Yearly Low

Poh Tiong Choon Logistics – Company Update 6 Aug, 2008
Poh Tiong Choon Logistics – On the right track

United Engineers Ltd - Company Results 4 Aug, 2008
2QFY08 core operating profits improved

Lion Asiapac Limited - Company Update 1 Aug, 2008
Testing Support, Possible Rebound

Poh Tiong Choon - Company Update 1 Aug, 2008
Testing Resistance, Possible Weakness

Lion Asiapac Ltd - Business Update 29 Jul, 2008
Limestone Operations – update

Petra Foods Limited - Initiation Report 28 Jul, 2008
European plant reconfiguration dragged down bottomline

Cougar Logistics Corp Ltd - Company Update 23 Jul, 2008
Cougar Logistics Corp Ltd - Possibly Meeting Resistance

Penguin Boat Internation - Company Update 23 Jul, 2008
Penguin International Limited - No Strength in Sight, Bottom Nearing

Advanced Holdings Ltd - Initiating Coverage with BUY 23 Jul, 2008
Based on oour discounted cashflow model, we value the stock at $0.317

Transview Holdings Ltd - Results Update 14 Jul, 2008
Transview Holdings Limited - FY08 and FY09 earnings downgraded on higher costs

Food Empire Holdings- Initiating with Buy, fair value S$0.71 14 Jul, 2008
Market leader of its flagship brand Mac-coffee in its key geographical markets

Sim Lian Group Ltd - Company Update 3 Jul, 2008
Sim Lian Group - Ride on improved home-buying sentiment

Yaan Security Technology Ltd - Company Update 1 Jul, 2008
PRC “Safe City” project to spur growth

Thakral Corp Ltd - Company Update 17 Jun, 2008
Thakral Corp Ltd – Fundamental changes afoot

Armarda Group- 1Q08 Results update 16 Jun, 2008
Net profit up 76.2% due to maiden contributions from the 80% stake in Brilliant Time Limited

Inter-roller Engineering - 1st Quarter 08 Results 5 Jun, 2008


Thakral Corporation Ltd – Results Commentary 4 Jun, 2008
Thakral Corp Ltd – Not unexpected losses in 1Q

CHT Holdings-1Q08 Results Update 3 Jun, 2008
Raw Material prices and the depreciating USD continue to be a drag on the Group’s gross margins

Cougar Logistics Corp - FY3/08 results update 29 May, 2008
Bountiful FY3/08 net profits due to divestment gains

Rowsley Ltd - Company Results 28 May, 2008
Turnaround in FY3/08 results due to one-off divestment gains

Telechoice International- 1Q08 results update 20 May, 2008
Strong Showing from the PCS segment