Sapura-Kencana: Merger seen ready by June

Stock Name: KENCANA
Company Name: KENCANA PETROLEUM BHD

Research House: ECMLIBRA

Price Call: HOLD

Target Price: 3.40

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: ECMLIBRA

Price Call: HOLD

Target Price: 5.23

SapuraCrest Petroleum Bhd's (SCRES MK, Hold, TP: RM5.23) merger with Kencana Petroleum Bhd (KEPB MK, Hold, TP: RM3.40) is expected to be completed by June. SapuraCrest and Kencana yesterday said they had mutually agreed with Sapura-Kencana Petroleum Bhd to extend the deadline to 31 May in order to meet all merger conditions. They told Bursa Malaysia that the proposed disposal, capital reduction and repayment and share issue in relation to the merger are expected to be completed by June. (Business Times)

Source: ECM Newz Bits 06 April 2012

SapuraCrest Petroleum: Maintain Buy - No surprises; merger to meet deadline

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 5.94

Results in line; maintain Buy with a higher TP of RM5.94. RM310m FY12 net profit (+34% YoY) was in line. We raise our TP by 6% following a 3-5% upgrade in our FY13-14 net profit forecasts, as we equity account for profits from its 24.5% stake in FPSO Berantai, which will be deployed in Jul 2012. Its merger with Kencana should conclude in 2Q 2012, which will raise the group's profile as the world's fourth-largest provider of integrated oil & gas services, by assets. Buy.

Maybank Research - 2 April 2012

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Awaiting the merger with Kencana Petroleum

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MIDF

Price Call: HOLD

Target Price: 4.60

SapuraCrest Petroleum - Massive orders to grow further from merger BUY

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: AMMB

Price Call: BUY

Target Price: 5.94

- We reiterate our BUY call on SapuraCrest Petroleum (SapCrest)with an unchanged fair value of RM5.94/share based on an unchanged  CY12F PE of 22x for SapuraKencana Petroleum 'which arises from the group's merger with Kencana Petroleum (Kencana).

- SapCrest's FY12 net profit of RM310mil was within expectations.Hence, we maintain FY13F-FY14F earnings and introduce FY15F net profit with agrowth of 9%, underpinned by a 5% increase in offshore installation orders. 

- The group's FY12 net profit increase of 34% YoY was drivenlargely by:- (1) higher operational efficiencies, reversal of prior yearprovisions and higher margins towards project completions for installation ofpipelines and facilities (IPF), despite a smaller scope of works in the Pan-Malaysianumbrella contract; (2) reversal of prior-year liability provisions, lowercharter cost and  resolution of disputedbillings for the group's tender rig segment; and (3) turnaround in its marinedivision from higher asset utilisation. This was partly offset by higherinvestment costs due to the A$127mil (RM400mil) acquisition of Australia-listedClough Ltd's marine construction business. 

- The group's 4QFY12 net profit slid 8% QoQ to RM77mil, largelydue to lower activities during the monsoon season, but was largely cushioned bySapCrest's regional IPF activities. 

- Around 41% of SapCrest's gross order book of RM10.5bil stemsfrom the massive US$1.4bil (RM4.2bil) contract to charter and operate threePipe Laying Support Vessels (PLSV) for Petr''leo Brasileiro S.A. (Petrobras).Combined with Kencana, the merged entity's order book of RM13.5bil (2.5x CY12Frevenue) is by far the largest in the oil & gas sector.

- But given that Kencana's yards are only half utilised currently,we expect additional orders to further expand the merged entity's already-hugelocked-in sales. We understand that both SapCrest and Kencana are jointly biddingfor over RM1bil tenders for engineering, procurement, construction, installationand commissioning (EPCIC) projects in Southern China.

- We continue to be positive on Kencana's merger with SapuraCrest,expected to be completed by mid-May this year. Also, we expect the combinedSapuraKencana's net gearing to be manageable at 0.3x-0.5x despite the RM1.8bil capitaldistribution, given that its US$1.5bil capital expenditure programme for bothSapCrest and Kencana will be progressive over the next three years, whileSeadrill will bear half of SapCrest's commitment to build three flexiblepipe-laying support vessels in Brazil.

- The stock currently trades at an attractive CY12F PE of only17x vis-''-vis its 2007 peak of 29x. 

Source: AmeSecurities 

Oil & Gas Sector - Transforming into SapuraKencana Overweight

Stock Name: KENCANA
Company Name: KENCANA PETROLEUM BHD

Research House: AMMB

Price Call: BUY

Target Price: 3.86

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: AMMB

Price Call: BUY

Target Price: 5.94

- We recently met up with Kencana Petroleum (Kencana) andcame away reaffirmed in our conviction that its merger, likely to be completedbefore the end of May this year, with SapuraCrest Petroleum (SapCrest) into thenew entity SapuraKencana Petroleum (SapuraKencana) will transform the playingfield of the industry. We maintain BUYs for both Kencana and SapCrest as theirmerger will enhance their capabilities in securing larger order prospects andreenergize earnings growth momentum. Besides additional contract newsflow, thegroup is eager to secure two additional risk-sharing marginal field contract,similar to Berantai in which the merged entity will have a 50% stake.

- The merger will transform Malaysia's O&G services asthe resulting entity will have a dominant 70% market share of offshore installationwork with stakes in four derrick lay vessels (excluding five pipelay/derrickvessels under construction), sole tender rig owner/operator with a fleet of 6units, one of two current marginal field contract concessionaires and one ofonly two major fabrication yard (the other being Malaysia Marine & HeavyEngineering Holdings) in the country. Other services which provide a completeintegrated solution for oil majors include marine services via a fleet ofdiving/support vessels, survey vessels, remote-operated vessels, accommodationworkboats and anchor handling tug supply vessels. 

- SapuraKencana's order book of RM13.5bil remains thelargest in the country, larger than Bumi Armada's RM10bil which includes RM3bilrenewable options. With a yard utilisation of only 50% currently, Kencana'sorder book is still set to grow with a tender book of RM5-6bil of which over55% stems from Australia's huge offshore gas fields and the rest from Malaysia.Additionally, both SapCrest and Kencana are jointly bidding for over RM1biltenders for engineering, procurement, construction, installation andcommissioning (EPCIC) projects in Southern China. 

- SapuraKencana's potential market capitalisation of overRM10bil rivals Bumi Armada and will likely lead to its inclusion in theFBMKLCIand MSCI indices. As foreign institutional funds are still in the low teens forthe two companies, the inclusion in themajor indices will naturally likelyretain the group's premium valuations of over 20x despite a proforma netgearing of 0.4x (compared to 0.5x for Bumi Armada). We expect its net gearingto be manageable at 0.3x-0.5x despite the US$1.5bil capital expenditureprogramme for both SapCrest and Kencana as the spending will be progressiveover the next three years while Seadrill will bear half of SapCrest'scommitment to build three flexible pipelaying support vessels in Brazil. 

- We have upgraded Kencana's FY12F-FY14F net profit by11%-15% by incorporating the contributions of Allied Marine & Equipment,which was acquired in July last year. We have also raised SapCrest'sFY12F-FY14F earnings by 7%-11%, largely due to the turnaround in the group'smarine operations which have been suffering losses until 3QFY11.

- The higher earnings forecasts translate to a 15% increasein our fair value to RM2.68/share (from RM2.43/share previously) forSapuraKencana, which is still pegged to an unchanged CY12F PE of 22x, at parityto Kencana's 2007 peak (See our report dated 12 July 2011). This translates tothe raising of our fair value for Kencana to RM3.86/share (from RM3.54/share earlier)and SapCrest to RM5.94/share (from RM5.44/share earlier). But our top pickremains MMHE - a laggard with muted expectations - but expected to surprise onfresh order newsflows.   

Source: AmeSecurities

SapuraCrest Petroleum: Maintain Hold - Charters T-9 rig to PCSB

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 5.62

Maintain Buy; RM5.62 TP has upside potential. The Petronas Carigali Sdn Bhd (PCSB) contract charter for the T-9 rig is earnings- neutral to SapCrest, for the daily charter rate (DCR) is relatively similar its previous contract with EMEPMI albeit for a shorter duration. With two more rig contracts set to expire by 1H12, we expect minimal difficulties in seeking contract extensions at decent rates owing to the greater number of drilling programmes planned for the next two years. Our RM5.62 TP excludes contributions from its 49% stake in FPSO Berantai. Incorporating this would lift our TP to RM5.94.


Maybank Research 7 March 2012

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SapuraCrest Petroleum: Maintain Buy - OSX to build a PLSV for Petrobras' job

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 5.62

Maintain Buy, RM5.62 TP has upside potential. OSX will build and deliver a third PLSV to the SapCrest-Seadrill JV for the latter's USD1.4b Petrobras contract in Brazil, thus fulfilling the contract's local content requirement. While earnings contributions are positive longer-term, we gather that it is crucial that these vessels are delivered on time. Our RM5.62 TP for SapCrest excludes contributions from its 49% stake in FPSO Berantai. Incorporating this would lift our TP to RM5.94.

Maybank Research - 5 March 2012

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SapuraCrest Petroleum - US$263mil shipbuilding award to Brazil yard BUY

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: AMMB

Price Call: BUY

Target Price: 5.44

We reiterate our BUY call on SapuraCrest Petroleum(SapCrest), with an unchanged fair value of RM5.44/share, based on an unchangedCY12F PE of 22x for the group's merged earnings with Kencana Petroleum.

SapCrest has entered into a contract with Brazil-based OSXConstru''o Naval S.A. (OSX) to build a 300 tonne-pipelay support vessel (PLSV).This involves the provision of detailed design, engineering, procurement of allequipment, construction, assembly, installation, completion, testing, survey,commissioning, sea trials and successful delivery of the vessel within 36months from 15 December 2011 to 15 December 2014. 

This award to a Brazilian yard is expected, given Petrobras'local content requirement in the award of the three PLSV charter contractsworth US$1.4bil (RM4.2bil) in November last year. Rio de Janeiro-based OSX,formerly known as OSX Estaleiros S.A and a subsidiary of OSX Brasil S.A,engages in shipbuilding and repairing services. OSX, which has a shipbuildingdivision in partnership with Hyundai Heavy Industries, also supplies ships andother equipment to the oil and gas industry. While SapCrest did not reveal thefixed lump sum cost of the vessel, OSX Brasil SA announced its value atUS$263mil (RM789mil).

Recall that SapCrest had earlier awarded the construction oftwo 550-tonne pipelay support vessels to Netherlands-based IHC Offshore &Marine at an undisclosed price in January this year. The two vessels are to becompleted and delivered within 30 and 33 months in May 2014 and August 2014,respectively. But given that the construction costs of Brazil yards are moreexpensive, we believe that the basic construction costs of all three vessels arebelow US$789mil. Translating into 56% of the PLSV charter contract, SapCrestappears to have a comfortable margin. 

The three PLSVs will be owned, managed and operated by a50:50 joint venture with Norway-based Seadrill Ltd. Seadrill is still aiming tolist Seabras in Brazil in April this year and plans to inject its stake in thethree PLSVs together with three ultra-deepwater semisubmersibles and threedrill ships. 

The group's order book remains at an estimated RM13bil,which will last until 2019, and is the largest by far in the sector. As thisoutsourced construction contract does not increase the group's order book, wemaintain FY12F-FY14F earnings. The stock currently trades at an attractiveFY13F PE of only 19x, vis-''-vis its 2007 peak of 29x.  

Source: AmeSecurities

SapuraCrest Petroleum: Maintain Buy - Partners Seadrill for pipe-lay vessels

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 5.62

We are positive on this symbiotic relationship; maintain Buy. Seadrill is a seasoned partner of SapCrest. It has a 24% stake in the latter and co-owns several drilling rig operations in Malaysia. Both will provide an equal contribution in this rewarding venture. Seadrill offers the business knowledge of the Brazilian offshore market, while SapCrest will provide the technical expertise in the installation, pipe-laying and facilities (IPF) field. Maintain Buy and RM5.62 TP.

Maybank Research 20 Feb 2012

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JV with Seadrill a strategic move to tap into Brazilian O&G

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MIDF

Price Call: HOLD

Target Price: 4.60

More to come from JV for 3 Petrobras pipe-lay vessels

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: AMMB

Price Call: HOLD

Target Price: 5.44

Sapura Kencana Petroleum Bhd: Maintain Buy - Co-owns FPSO Berantai

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 5.60

Positive asset expansion. We are positive on SapCrest-Kencana's 49% investment in FPSO Berantai. The FPSO, to be deployed to the field by 2Q12, should contribute about 5% or RM40m p.a. (with a 7-year visibility) to the combined entity's 2013 net profit. Maintain Buy on SapCrest and Kencana, with target prices of RM5.60 and RM3.66 respectively, which are unchanged for now. Incorporating the Berantai FPSO contribution would lift these TPs by a further 6% and 5% respectively.


Maybank Research 16 Feb 2012

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RHBInvest Research Highlights 13th January 2012

Stock Name: CSCSTEL
Company Name: CSC STEEL HOLDINGS BERHAD

Research House: RHB

Price Call: BUY

Target Price: 1.41

Stock Name: MEDIAC
Company Name: MEDIA CHINESE INTERNATIONAL LT

Research House: RHB

Price Call: SELL

Target Price: 1.00

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: RHB

Price Call: BUY

Target Price: 4.50

13th January 2012

 

Top Story

CSC Steel ' Profitability remains a challenge, '                                                                    Trading Buy (Upgraded) Visit Note -          We estimate CSC Steel is likely to record a net loss of RM10-15m in the upcoming 4Q11 results due to narrowing margins as well as a write-down in inventory value. -          CSC Steel has a huge cash reserve of RM213.5m, or about 56sen/share (as at 30 Sep 2011). At RM1.41, it would only cost the controlling shareholder about RM295m to buy out all minority shareholders, and this amount could be substantially funded with CSC Steel's cash reserve.

Sector Update

Media ' Expect adex growth to moderate in 2012                                                                                                                          Underweight Sector Update -          As the pace of overall adex growth continues to moderate due to weak global economic conditions, we reiterate a slowdown in adex growth to 3.6% in 2012 from 9% projected for 2011.  -          Elections in 2012 will have a positive though not significant impact on adex. -          Due to its recent share price appreciation, we downgrade MCIL to Underperform, while maintaining a fair value of RM1.00. Maintain Underweight on the sector due to lack of catalysts. -          Related story : Media Sector Update ' Nov Sees Weakest Adex Growth So Far (22 Dec 2011)

 

Corporate Highlights

SapuraCrest ' New subsea construction contract                                                                                                                       Outperform News Update -          Yesterday, the company announced that it had entered into a contract with IHC Offshore and Marine B.V. for the construction of two 550-tonne-pipelay-support-vessels (PLSV) at an undisclosed fixed lump sum. The two vessels are expected to be completed and delivered by May and Aug of 2014 respectively and will be utilised specifically for the Petrobras contract, which it won in Nov-11. Maintain fair value of RM4.50/share and Outperform call on stock. -          Related story: News Update - Buying Two New Pipelay Barges (23 Sep 2011) & News Update- Taking Home A Brazilian Win (2 Nov 2011)

SapuraCrest Petroleum (Buy): Orders 2 pipelay vessels

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 5.60

Maintain Buy with a RM5.60 TP. SapCrest's rapid expansion of its marine fleet to capitalise on the boom in the installation of pipelines and facilities (IPF) markets is positive, in keeping with its aspiration to be a regional player. This strategy will be rewarding, if executed well. However, contributions will only be realised from FY15. We remain positive on its strong ability to grow and pursue new jobs for medium term growth, and continue to rate SapCrest a Buy.

Maybank research (13 January 2012)

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Proposal for merger submitted to BNM

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MIDF

Price Call: BUY

Target Price: 9.20

Fresh Vietnam job

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: AMMB

Price Call: BUY

Target Price: 5.44

SapuraCrest Petroleum (Buy): Lands a USD100m subsea job in Vietnam

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 5.60

Regional aspiration shaping up. JV SapuraAcergy's recent win of a USD100m subsea construction job is a positive and should contribute about 6% to FY12 net profit (pre-merger). The merger with Kencana is on track, and we expect the Newco to secure more local jobs this year, which could include a new marginal field Risk Sharing Contract (RSC). Maintain Buy with a RM5.60 target price.

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RHBInvest Research Highlights 11th January 2012

Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD

Research House: RHB

Price Call: HOLD

Target Price: 1.70

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: RHB

Price Call: BUY

Target Price: 4.50

11th January 2012

 

Top Story

Plantation ' Demand unlikely to fall off the cliff                                                              Overweight Sector Update -          Malaysia's CPO production fell by 8.2% mom in Dec, while exports fell by a slightly smaller 4.5% mom. On a yoy basis, production rose by 21.3% yoy in Dec (+11.3% 2011), while exports rose by 23.1% yoy in Dec (+7.9% 2011). As a result, closing CPO stock levels fell by 1.5% mom to 2.04m tonnes in Dec (from 2.07m tonnes in Nov). We are now well and truly in the low season for CPO, although we suspect the slowdown in production was exacerbated by the wetter-than-usual weather patterns. As a result of the lower CPO stock levels, the stock/usage ratio in Dec fell to 10.36% (down from 10.5% in Nov and up from 8.7% in Dec 2010). -          Related story: Plantation Sector Update ' Risk Of Crop Losses Rising? (3 Jan 2012)   Timber ' Jaya Tiasa and Ta Ann to benefit from plantation                                                    Neutral Sector Update -          Given the recent rally in the plantation sector, we believe this will likely spur investors' interest in quasi plantation stocks. While Jaya Tiasa and Ta Ann are generally perceived as timber companies, earnings profile for Jaya Tiasa and Ta Ann have actually transformed considerably over the years, with more than 70% of earnings likely to be contributed by the plantation divisions going forward. -          Related story: Timber Sector Update ' Plywood Inventory In Japan Continues To De-stock (4 Jan 2012)

Corporate Highlights

YTL Power ' Just Chugging Along                                                                         Market Perform Visit Note -          Not much clarity on the future outlook on dividends by management. Besides WiMAX losses, management attributed the recent decision to cut dividends on preparation for potential M&A. -          Lacks catalysts due to more delays in launching Android-based smartphones for Yes and feasibility study not yet done for the Jordan oil shale project. -          Maintain Market Perform with unchanged fair value of RM1.70. -          Related story: Utilities Sector Update ' A Potentially Bumpy Ride (20 Dec 2011); YTL Power Results Note ' Dividends Cut (18 Nov 2011)   Top Glove ' Tail winds taking shape?                                                  Market Perform (Upgraded) Briefing Note -          On the whole, management appeared rather positive on the prospects ahead as two key factors, i.e. forex rates and latex prices, appear to be trending favourably. Given how latex prices have trended in recent weeks, management appeared more optimistic and now thinks latex prices could ease further and stabilise towards the RM6.00/kg mark over the next 3-6 months. -          Related story: Top Glove Results Note ' Below Expectations (19 Dec 2011); Rubber Glove Sector Update - Outbreak Of Bird Flu In Hong Kong (23 Dec 2011)   SapuraCrest ' New subsea construction contract                                                          Outperform News Update -          Yesterday, the company announced that its JV, SapuraAcergy, has been awarded a contract for a subsea construction project, offshore Vietnam , understandably from Subsea 7. The project is worth US$100m (c. RM310m) and is expected to be performed in mid 2012. -          We are positive on the win as it is in-line with Sapuracrest's goal of enhancing its international revenue contribution. We maintain our fair value of RM4.50/share and Outperform call on the stock. We forsee the company being a large formidable entity post its merger with Kencana expected to be completed by Feb-12. -          Related story: Oil and Gas Sector Update - Resilient Despite Macroeconomic Uncertainties (12 Dec 2011)

Macro

IPI ' Softened In November, Real GDP Growth Will Likely Weaken In The 4Q Economic Highlights (published 10 Jan 2012) -          Industrial production softened to 1.8% yoy in Nov, the lowest in four months, after easing to a revised +2.9% in Oct, from +3.0% in Sep mainly due to a slowdown in manufacturing production on slowing external demand and disruption to the supply chain caused by Thailand's flood. -          This suggests that real GDP growth will likely weaken to 4.8% yoy in the 4Q. Going forward, we expect real GDP growth to slow down to 3.6% in 2012, from +5.0% estimated for 2011.

3QFY12: Sailing Strong

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: ECMLIBRA

Price Call: TRADING BUY

Target Price: 4.60

SapuraCrest confirms RM100m contract for Labuan Shipyard

Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD

Research House: AMMB

Price Call: BUY

Target Price: 5.44

SapuraCrest Petroleum Bhd
(Oct 4, RM3.52)
Maintain buy at RM3.51 with fair value of RM5.44: We reiterate our 'buy' call on SapuraCrest Petroleum Bhd (SapCrest) with an unchanged fair value of RM5.44 based on an unchanged CY12F price-earnings ratio (PER) of 22 times for the group's merged earnings with Kencana Petroleum Bhd.

Following Tanjung Offshore Bhd's announcement that it had awarded shipbuilding contracts worth RM200 million to Muhibbah Marine Engineering and SapCrest's 50%-owned Labuan Shipyard & Engineering Sdn Bhd for the construction and commissioning of two platform supply vessels (PSV), SapCrest confirmed it has secured one of those contracts. SapCrest's RM100 million contract involves engineering and constructing a 77m PSV for Tanjung Offshore within 21 months.
The PSV will be used to supply and support the deepwater operations of oil majors in operational waters in Southeast Asia on a long-term basis. The PSV will also be utilised for operations in unrestricted waters and is designed to perform: (i) transport of drilling mud, cement, brine, base oil, diesel fuel and chemicals; (ii) transport of common and speciality tools; and (iii) fire fighting capabilities.

Recall that SapCrest signed an agreement in June this year to acquire a 50% stake in Labuan Shipyard and Engineering Sdn Bhd (LSE) from Real Mild Sdn Bhd for RM25 million cash. Currently, this yard is supporting the repair and maintenance of SapCrest's rigs, construction of vessels/barges and offshore support vessels.

We expect minimal contribution from this contract given the change in the yard's management, coupled with weak delivery and financial track record. Assuming a pre-tax margin of 5%, we estimate that this contract will contribute less than 1% to SapCrest's FY13F earnings. Hence, we maintain FY12F to FY14F net profit.

We remain positive about SapCrest's prospects as the group clearly expects significant order book accretions with its recently announced award of a fabrication contract to Cosco Corp subsidiary Cosco Nantong Shipyard Co Ltd to build two pipelay-cum-heavylift offshore construction vessels for a combined value of US$227 million (RM726 million).

The stock currently trades at an attractive CY12F PER of only 14 times against its 2007 peak of 29 times. ' AmResearch, Oct 4


This article appeared in The Edge Financial Daily, October 5, 2011.