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• Revenue: +3.6% (2Q09), -18.1% (1H09)
• Net Profit: -32.6% (2Q09), -40.9% (1H09)
• Outlook: Financial markets in the region have staged a remarkable run up that began around the start of the second quarter of 2009.
• Company earnings, while remaining weak, have shown signs of improvement from previous periods. Such signs of improvement, however, are far from conclusive.
• It therefore remains doubtful as to whether the rapid improvement in market
  sentiment is underpinned by economic fundamentals or is the result of various government initiatives to inject liquidity into markets in response to the financial crisis.
• The Group’s outlook for the rest of the year will depend to a large extent on whether the real economy shows sustainable improvement and is not subject to further after-shocks from the financial crisis, the possibility of which, at this time, cannot be underestimated.
• Such after-shocks, if they occur, will likely have an impact on positive market sentiment and will affect the Group’s future earnings.

FINANCIAL RECORDS

Revenue (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 49,493 136,773
2008 95,246 132,060 60,594 83,642 371,542
2007 128,724 167,205 149,084 151,539 595,109
2006 93,175 82,144 75,154 103,527 354,001
2005 107,205 63,054 79,585 66,087 315,931
2004 NA NA 89,693 73,092 386,788
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Earnings (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 2,783 37,354
2008 12,504 55,385 2,230 1,628 71,747
2007 37,968 55,098 31,396 24,647 149,109
2006 28,156 12,536 20,877 39,962 101,531
2005 38,573 17,287 21,871 16,271 94,002
2004 NA NA 30,737 15,936 127,397
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Dividends

FY Interim Final Special (SGD)
2009 NA
2008 NA 0.08 NA
2007 0.08 0.08 NA
2006 NA 0.09 NA
2005 NA 0.02 0.0623
2004 NA 0.02 0.055
2003 NA 0.02 0.03
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Bonus / Rights / Stock Split

Date Type Details
1994-09-30 Bonus OFFER OF 1 FOR 1
1993-12-27 Rights LS WITH WTS OFFER OF 1 FOR 5 @ $1
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Share Data (SGD)

NAV = $1.5324
EPS = $0.0696 (6M FY09)
Diluted EPS = $0.0695 (6M FY09)
No of Shares = 577,093,954
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA