Broadway was included in my Stock Picks in July 2009 when its share price was S$0.295.  I have retained it in the portfolio given the strength of its earnings growth and raised my price target after the Q1-2010 results.

On a month on month basis, industrial production declined by 23.4 mainly because Biomedical grew only at 29.8% from more than 100% in May 2010.  More details can be found at the EDB website here.

 The much awaited Euro zone bank stress tests have released a set of results that showed little strain in the Euro banking system.  After providing a temporary relief rally......the Euro has weakened very slightly this morning as investors now see the tests as being not robust enough.

ASTI has announced an out of court settlement in its on-going dispute with Ismeca Semiconductor Holding S.A., Ismeca Malaysia Sdn Bhd and Ismeca Europe Semiconductor S.A. (Ismeca) on 23 July 2010.  The terms of the settlement are confidential.  As a result of the settlement, ASTI is now free to sell its scan pack machines worldwide on their existing designs.

 I have been bullish about stocks despite the Euro debt crisis mainly because I felt the Euro problems were mainly confined to the PIGs which were small countries and the largest among them, Spain, had no problems with its recent Government bond auctions.  The recent strength in the Euro probably signals that this view is growing that while we may have austerity cuts, the weaker Euro will promote services and exports which should offset some of the public sector spending cuts.

 the stock market ?

 I met the management of Telechoice recently.  Business is improving but margins are stable.   Q1-2010 results saw revenue higher by 37% to S475.3mn and net profit up by 52.7% to S$3.0mn.   Balance sheet is strong with net cash of S$45mn or about S$0.10 per share.  There is no stated dividend policy but they have been paying out about two thirds of earnings as a dividend which gave a running yield of 7-8% based on 2009 earnings.  Assuming the same payout ratio in 2010 of 1.7 cents - investors should expect a dividend yield of at least 7-85 at the current price of S$0.22.

 Last Friday at our "Investment Strategy for a Volatile Market" seminar organised by Lim & Tan I/we were asked what China stock/s investors could look at.  I told the attendees that we already had two China stocks in My Stock Picks (Sinomem and China Animal Healthcare).  I was thinking of adding another - Fuxing China Group.  We have already produced an initiation report on China Fuxing Group on July 16, 2010.  I was intending to add Fuxing to my list this Monday but had to make an unexpected trip to Penang that day.  The shares of Fuxing rose more than 10% on Monday on high volume but retraced a little yesterday (see Chart below).

 I have been interview on CNA many times over the last 10-11 years.  This morning my interview on Prime Time Morning with Suzanne Jung was "cut off" twice.....according to Suzanne they had lost me twice......maybe my views were too bullish!!!

 First let me apologise for the sparse and intermittent postings on my Blog.  A combination of work, school holiday break and most recently some minor health problems including a surgical procedure yesterday have limited my ability to write regularly.  This should improve now that I am recovering and as we enter the Q2-2010 reporting season.