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Advanced Holdings Ltd. (the "Company", together with its subsidiaries collectively referred as the
?Group?) would like to provide an update on its business, in anticipation of the announcement of its
audited consolidated financial results for the full year ended 31 December 2006.
In line with the Company?s policy of corporate transparency and to provide shareholders of the Company
and the investors a better and timely understanding of the Company?s business performances, the Board
of Directors of the Company (the Board?) wishes to inform that the consolidated profits for the year
ended 31 December 2006 will be lower than that achieved in 2005.
While the Group is expected to remain profitable for the year ended 31 December 2006, the Board notes
that the financial performance of the Group is not likely to achieve the same performance as compared to
the same period last year. This is mainly due to following factors:-
1) Some unforeseen delays in securing the expected projects and contracts in the Petrochemical &
Chemical industry, resulting in delays in projected delivery and invoicing of these projects and
contracts.
2) Increase in operating cost due to strengthening of the Group?s sales, engineering, management and
finance professionals.
3) Increase in incorporation and related costs due to the incorporation of new subsidiaries and offices
4) Expenditures incurred by the Group to explore strategic technologies alliances and investment
opportunities
As the audited consolidated results for the said period have not yet been finalized, the Board is now not
in a position to quantify precisely the decrease in profit.
The Board wishes to inform the Shareholders that, barring unforeseen circumstances, the Company
expects to remain profitable for the financial year ending 31 December 2007.
Notwithstanding the above, the Directors are optimistic of its performance moving forward, and
continues to execute the four components of its growth plan, including:-
? Driving organic growth by expanding into new regional markets, and focusing on large-scale, high
value contracts in the Oil & Gas and Petrochemical & Chemical industries;
value contracts in the Oil & Gas and Petrochemical & Chemical industries;
? Forging strategic alliances with technologies partners;
Forging strategic alliances with technologies partners;? Seeking strategic investments opportunities in companies, Joint-Ventures and businesses with high
earning growth potentials and/or complement the Company?s growth strategy; and
earning growth potentials and/or complement the Company?s growth strategy; and
? Investing in professional and technical competencies, and enlarging the key management team.
The Company is expected to release its financial results for the full year ended 31 December 2006 on or
around 23 February 2007.
On behalf of the Board
Wong Kar King
Managing Director
12 January 2007
The Company is expected to release its financial results for the full year ended 31 December 2006 on or
around 23 February 2007.
On behalf of the Board
Wong Kar King
Managing Director
12 January 2007
Westcomb has upgraded its rating to "buy" from "hold" and increased its target price to $0.54 from $0.46 following the firm's first clean fuel contract.
Advanced Holdings has said it secured a US$3.5-mln contract to supply clean fuel process equipment to a new grassroot refinery China, and expects to secure another US$2.5 mln worth of contracts from the same firm in the next few months.
"Given its exclusive agreements with DuPont and MECS [Monsanto Enviro-Chem Systems Inc] for the marketing of alkylation process equipment and technologies, and with Axens for the distribution of a range of hydrogenation processes and technologies, Advanced is in an advantageous position to secure more contracts for clean fuel process equipment in China," Westcomb said.
It also increased its earnings estimates for the firm, and now expects Advanced to record a net profit of $60.2 mln next year instead of $53.6 mln.
FOR IMMEDIATE RELEASE
ADVANCED in China awarded its first Clean Fuel contract worth US$3.5 m
SINGAPORE ? 22 November 2006 ? Sesdaq-listed Advanced Holdings Ltd.
(?Advanced? or ?the Group?), a home-grown designer and provider of Process
Equipment for key industrial customers worldwide, is advancing forward in clean fuel technologies with the inking of a US$3.5 million contract with a major PRC oil company.
The contract is not expected to have material financial impact for the financial year ending 31 December 2006 but is expected to have a positive impact on the Group's earnings (or revenue) for FY2007.
The contract represents the first clean fuel process equipment contract ever awarded to Advanced in PRC. The ground-breaking contract involves the supply of alkylation process equipment to a new grass-root refinery in China.
?We are truly excited and honoured to have been given the opportunity to build an ultra modern alkylation plant in this world-class refinery in China using DuPont and MECS' cutting edge technologies,? commented Dr Kar Wong, founder and Managing Director of Advanced.
?This is our first Clean Fuel process equipment contract win and marks an important milestone in our corporate history. The project has established the start of our clean fuel business, and we believe this will set the stage for our future Clean Fuel process technologies and equipment contract wins in China and elsewhere. We anticipate immense opportunities for Clean Fuel refinery technologies and equipment, especially in view of the PRC government?s race to implement the EURO IV emission standard in Beijing by 2008 and China, nationwide by 2010.?
(?Advanced? or ?the Group?), a home-grown designer and provider of Process
Equipment for key industrial customers worldwide, is advancing forward in clean fuel technologies with the inking of a US$3.5 million contract with a major PRC oil company.
The contract is not expected to have material financial impact for the financial year ending 31 December 2006 but is expected to have a positive impact on the Group's earnings (or revenue) for FY2007.
The contract represents the first clean fuel process equipment contract ever awarded to Advanced in PRC. The ground-breaking contract involves the supply of alkylation process equipment to a new grass-root refinery in China.
?We are truly excited and honoured to have been given the opportunity to build an ultra modern alkylation plant in this world-class refinery in China using DuPont and MECS' cutting edge technologies,? commented Dr Kar Wong, founder and Managing Director of Advanced.
?This is our first Clean Fuel process equipment contract win and marks an important milestone in our corporate history. The project has established the start of our clean fuel business, and we believe this will set the stage for our future Clean Fuel process technologies and equipment contract wins in China and elsewhere. We anticipate immense opportunities for Clean Fuel refinery technologies and equipment, especially in view of the PRC government?s race to implement the EURO IV emission standard in Beijing by 2008 and China, nationwide by 2010.?
Equipment for key industrial customers worldwide, is advancing forward in clean fuel technologies with the inking of a US$3.5 million contract with a major PRC oil company.
The contract is not expected to have material financial impact for the financial year ending 31 December 2006 but is expected to have a positive impact on the Group's earnings (or revenue) for FY2007.
The contract represents the first clean fuel process equipment contract ever awarded to Advanced in PRC. The ground-breaking contract involves the supply of alkylation process equipment to a new grass-root refinery in China.
?We are truly excited and honoured to have been given the opportunity to build an ultra modern alkylation plant in this world-class refinery in China using DuPont and MECS' cutting edge technologies,? commented Dr Kar Wong, founder and Managing Director of Advanced.
?This is our first Clean Fuel process equipment contract win and marks an important milestone in our corporate history. The project has established the start of our clean fuel business, and we believe this will set the stage for our future Clean Fuel process technologies and equipment contract wins in China and elsewhere. We anticipate immense opportunities for Clean Fuel refinery technologies and equipment, especially in view of the PRC government?s race to implement the EURO IV emission standard in Beijing by 2008 and China, nationwide by 2010.?
ADVANCED in China awarded its first Clean Fuel contract worth US$3.5 m With 30 millions of vehicles on the roads, the PRC government is recognising environment pollution as a major concern and in major cities, like Beijing, motor vehicles have become the major source of pollution. Accordingly, the PRC government has implemented stringent regulations to regulate fuel emission and sulphur levels. The new emission standard, equivalent to EURO III standards that will cut automobile pollutants by 30 percent in 2007, was enforced in 2005. A more stringent standard, equivalent to EURO IV standard will take effect in 2008. The enforcement of the new standards would produce a major environmental dividend by forcing automobile producers and petrochemical refineries to upgrade their technologies to produce and utilise Cleaner fuels for the automobiles.
These measures translate into potential opportunities for companies like Advanced which offers solutions for cleaner fuels in refining industry as well as process controls and environment protection in the Oil and Gas, and Petrochemical & Chemicals industries.
Indeed, the growing emphasis in cleaner fuels driven by heightened awareness on environmental protection in the PRC has brought about growth in demand for clean fuel products. It is estimated that the combined market size for clean fuel technologies and process equipment in the PRC is expected to top S$1 billion over the next five years. The market for alkylation in the PRC is expected to reach US$500 million1 over this period.
According to Advanced, the latest contract forms just one part of the overall process equipment contract to be awarded by the new grass-root refinery. Advanced is well positioned to secure subsequent contracts, which is likely to be awarded over the next few months and the estimated value for the entire contract may exceed US$6m.
The secured Dupont process equipment contract builds on a separate licensing contract which was signed with the same refinery in March 2006 for Dupont?s alkylation process and MECS?s sulfuric acid technologies.
These measures translate into potential opportunities for companies like Advanced which offers solutions for cleaner fuels in refining industry as well as process controls and environment protection in the Oil and Gas, and Petrochemical & Chemicals industries.
Indeed, the growing emphasis in cleaner fuels driven by heightened awareness on environmental protection in the PRC has brought about growth in demand for clean fuel products. It is estimated that the combined market size for clean fuel technologies and process equipment in the PRC is expected to top S$1 billion over the next five years. The market for alkylation in the PRC is expected to reach US$500 million1 over this period.
According to Advanced, the latest contract forms just one part of the overall process equipment contract to be awarded by the new grass-root refinery. Advanced is well positioned to secure subsequent contracts, which is likely to be awarded over the next few months and the estimated value for the entire contract may exceed US$6m.
The secured Dupont process equipment contract builds on a separate licensing contract which was signed with the same refinery in March 2006 for Dupont?s alkylation process and MECS?s sulfuric acid technologies.
According to Advanced, the latest contract forms just one part of the overall process equipment contract to be awarded by the new grass-root refinery. Advanced is well positioned to secure subsequent contracts, which is likely to be awarded over the next few months and the estimated value for the entire contract may exceed US$6m.
The secured Dupont process equipment contract builds on a separate licensing contract which was signed with the same refinery in March 2006 for Dupont?s alkylation process and MECS?s sulfuric acid technologies.
1 DBS Vickers Securities, Research report dated 20 September 2005 ?Advanced Holdings ? Making the Right Moves?
ADVANCED in China awarded its first Clean Fuel contract worth US$3.5 m
ADVANCED in China awarded its first Clean Fuel contract worth US$3.5 m
?This is only the beginning. We have been developing the Clean Fuel business for some years now and we are just starting to reap the rewards. We believe this first Clean Fuel project may lead to opportunities in other major refineries in China. We will continue to pursue Clean Fuel projects to build up our portfolio and track record in this area,? said Dr Wong.
About Advanced Started in 1993 to create a niche business by combining its engineering expertise in the supply of process equipment, Advanced has today established itself as an ISO9001:2000 certified specialist company which designs and supplies process equipment and process echnologies to cater to the different needs of its customers in the chemical and petrochemical, oil and gas, power generation and micro-electronics industries.
While Advanced?s key markets are the PRC and South Korea, the Group also has a base of global customers having handled projects for customers in Singapore, Malaysia, Hong Kong and United Kingdom.
With its offices strategically located in Singapore, Malaysia, the PRC (Shanghai and Beijing), Hong Kong, Thailand and South Korea (Seoul), Advanced is well-positioned to tap into the further growth of these industries in the region. Backed by its experienced engineering team, Advanced leverages on the latest available models and technologies and collaborates closely with its principals, most of whom are reputable international equipment manufacturer and process licensors, to provide customised Process Equipment solutions for niche applications to its customers. About Process Equipment Process equipment are engineered devices and systems used in a wide range of industrial and laboratory applications for the proper, safe and efficient operation of process plants.
Applications include process controls, measurement, analysis, monitoring and operations.
Knightrider, like you i am holding 30 lots at 0.395. Hope the up trend is promising. Best of luck to all.
The company said it expects to win more orders from the Chinese oil firm in the next few months, for total contracts of over 6 mln usd.
The name of the Chinese oil firm was not provided.
"The project has established the start of our clean-fuel business, and we believe this will set the stage for our future clean-fuel process technologies and equipment contract wins in China and elsewhere," Advanced Holdings managing director Kar Wong said in a statement.
"We anticipate immense opportunities for clean-fuel refinery technologies and equipment, especially in view of the China government's race to implement the Euro IV emission standard in Beijing by 2008 and naitonwide in China by 2010," he added.
( 1 usd = 1.55 sgd)
Maybe a change of name will do the trick... highalice... :-)
Hi DerekChong,
Thks for the encouragement, I will continue to hold.
Here is the chart plotted for 6 mths data ~!!~~!!
|
Notice a substantial shareholder throwing No. of shares held before the change |
0 |
15,543,820 |
| As a percentage of issued share capital | 0 % | 6.00 % |
| No. of shares held after the change | 0 | 14,753,820 |
| As a percentage of issued share capital | 0 % | 5.70 % |
Hi Derekchong,
Thks, so I should continue to hold, this morning thought of cut a bit lost to reduce my volume.
But this counter is a relatively low volume counter... not too good.