Advance SCT 看上去要起来了，上星期小买35 lots.希望没走眼。

此股今天已涨了〉10%，在国内已涨停了，新加坡没有涨停限制，因此仍在“涨挺“中。

Advance SCT
On track for supernormal growth

Our latest visit to Advance SCT (ASCT) indicates that its transformation into an
integrated copper supply chain manager is well on track:

Copper smelter up and running. 80%-owned TTM Industries operate a copper
smelter with production capacity of 60,000MT/year in Port Klang, Malaysia. The
first furnace commenced production of 3mm and 8mm copper coil in Mar 07 and
capacity utilisation hit 80% in Jun 07. The second furnace will ramp up
production in Aug 07 and capacity utilisation is expected to reach 80% in Sep 07
due to experience gained from the first furnace.

Progress at the copper smelting plant was better than anticipated. Advance SCT
is already shipping copper coils to large multinational customers such as Mitsui,
Nanya and Chang Chun, who are major suppliers for copper foil used by the
PCB industry. The company has also secured Tai Sin Electric Cable as a new
customer. Management is confident that TTM Industries will be able to achieve
guaranteed net profit of S$8m for the 12-month period ending Mar 08.

TTM Industries was awarded pioneer status for five years. Subsidiary Tsing Yi
Enterprises was also awarded Global Traders Programme from IE Singapore,
which provides concessionary tax rate of 10% for offshore trading income.

Warrants provide leveraged play. Advance SCT has proposed a renounceable
rights issue of up to 79.3m warrants at issue price of S$0.08 on the basis of
three warrants for every ten existing shares. Each warrant can be converted to
one Advance SCT share at exercise price of S$0.87 within three years.
Proceeds from the exercise of warrants will be utilised for repayment of its
S$60m transferable loan facility.

Insider buying. Mr Seah Hock Thiam, Executive Director of Advance SCT and
founder of Green World Holdings, bought 450,000 shares on 7 Jun and another
500,000 shares on 11 Jun. This indicates that the management team has great
confidence in future prospects for Advance SCT.

Unique integrated business model. Advance SCT captures the full value chain
from recycling, smelting, refining and production of copper-based products. Its
business model is similar to Belgium-based Cumerio (mkt cap: 602.2m, FY07
PE: 12.5x). Cumerio sources copper from concentrates, anodes, scrap and
cathodes. It operates an integrated copper smelter and refinery in Bulgaria and
a refinery and copper product facility in Belgium.

We have raised our FY07 and FY08 net profit forecast by 5.6% and 28.2%
respectively due to strong demand for copper coils at TTM Industries. Reiterate
BUY with target price at S$1.50 based on FY08 PE of 12.5x.

DMP & PARTNERS 已在3月26号 吹捧此股，目标价1.6。看样子庄家在抢货。慢着点，不能这样涨的。不怕做不到，就怕想不到。真有能耐，拉到1.0 收盘。

http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/a901eee8fe7505ef482572fe00542f8c?OpenDocument
PROPOSED RENOUNCEABLE NON-UNDERWRITTEN RIGHTS ISSUE OF UP TO 79,267,209 WARRANTS IN CONJUNCTION WITH A TERM LOAN FACILITY OF S$60 MILLION The Board of Directors of Advance SCT Limited (the Company) refers to the announcement dated 25 May 2007 (the "Warrants Announcement") in relation to the proposed renounceable non-underwritten rights issue ("Warrants Issue") of up to 79,267,209 warrants ("Warrants") at an issue price of S$0.08 for each Warrant, each Warrant carrying the right to subscribe for one (1) new ordinary share in the capital of the Company ("New Share") at an exercise price of S$0.87 for each New Share, on the basis of three (3) Warrants for every ten (10) existing ordinary shares in the capital of the Company ("Shares") held by Entitled Shareholders (as defined in the Warrants Announcement), fractional entitlements to be disregarded. The Board of Directors wishes to announce that the Singapore Exchange Securities Trading Limited (the SGX-ST) had on 18 June 2007 given its in-principle approval for the listing and quotation of the Warrants and the New Shares.

COPPER AT 5-WEEK HIGH
Three-month copper <MCU3> on LME hit $7,695 a tonne, its
highest since May 16, underpinned by a string of looming
strikes and low inventories. It was last at $7,540, up $40 or
0.5 percent from Friday's close.
In New York, copper futures ended with modest losses after
the market was unable to maintain a morning rally above key
resistance.
Copper for September delivery <HGU7> ended the day down
0.15 cent at $3.42 a lb on the New York Mercantile Exchange's
COMEX division, after dealing between $3.4010 and $3.5170, its
loftiest level in 4-1/2 weeks.
"The threat of potential strikes (is) fuelling the market,"
an LME trader said.
MAN Financial said in a report: "Contract talks with
subcontract workers at Chile's Codelco are probably the most
important development to watch in this regard."
Contract talks at Chile's Collahuasi, one of the world's
largest copper mines, stalled on Friday with time running out
for the mine and union workers to reach a deal.[ID:nN15282032]
Also in Peru, workers at Southern Copper's two copper mines
and a smelter will go on strike June 23. [ID:nN15289707]
"Demand is obviously strong because copper inventories are
down by another 1,300 tonnes. There's also strike threats,"
Widmer said.
Copper stocks in LME warehouses have fallen by nearly
100,000 tonnes since early February and now stand at 116,600
tonnes, its lowest level since last October.
In industry news, Times newspaper reported that BHP
Billiton <BHP.AX> <BLT.L>, the world's biggest mining group,
had revived plans for a $40 billion takeover of aluminium
producer Alcoa Inc. <AA.N>.
Anglo American <AAL.L> <AGLJ.J> said it will expand
production and buy more assets to meet strong demand for raw
materials from China and India. [ID:nL18719314]
Nickel <MNI3>, which has lost more than $10,000 or 25
percent since its all-time high of $51,800 in early May, was
$1,800 down at $40,400, while zinc <MZN3> was $60 softer at
$3,685 and aluminium <MAL3> was at $2,705 against Friday's
$2,750.
Metal Prices at 1617 GMT
Metal Last Net Change Pct Move
LME Cu 7520.00 20.00 +0.27
SHFE Cu* 65400.00 2040.00 +3.22
LME Alum 2708.00 -42.00 -1.53
SHFE Alu* 19380.00 -10.00 -0.05
COMEX Cu** 347.35 5.05 +1.48
LME Zinc 3665.00 -80.00 -2.14
LME Nickel 40300.00 -1900.00 -4.50
LME Lead 2380.00 25.00 +0.01
LME Tin 14100.00 -90.00 -0.63
Change so far in 2007
Metal Latest bid End prev year Pct Move
LME Cu 7520.00 6330.00 +18.80
SHFE Cu* 65400.00 60080.00 +8.85
LME Alum 2708.00 2805.00 -3.46
SHFE Alu* 19380.00 20550.00 -5.69
COMEX Cu** 347.35 287.10 +20.99
LME Zinc 3665.00 4230.00 -13.36
LME Nickel 40300.00 33325.00 +20.93
LME Lead 2380.00 1670.00 +42.51
LME Tin 14100.00 11510.00 +22.50 * 3rd
contract months for SHFE copper and aluminium ** 1st contract
month for COMEX copper
((Editing by Michael Roddy; Reuters Messaging:
humeyra.pamuk.reuters.com@reuters.net; +44 207 542 9736))
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