Highlights:
Kinergy has entered into a manufacturing agreement with the Slider Process
Equipment Group of Veeco Instrument Inc. (“Veeco”), a company listed on the
Nasdaq Stock Market. Veeco manufactures enabling solutions for customers in
the HB-LED, solar, data storage, semiconductor, scientific research and
industrial markets.

Valuations:
Management indicated that net margin of the contract is about 10%. WestComb revise upward revenue and earnings in FY09 by S$10 million and S$1 million respectively. That works out to be additional net asset value per share in FY09 of 0.78 Sg cts. As such, they maintain the year end target price of S$0.11, Hold.