Domestic demand still growing. Meanwhile, Foreland has been seeing
a steady stream of new customers, especially from those who work the
domestic market. It believes that there is a growing demand for functional
fabrics as Chinese consumers are generally more quality conscious,
boosted by the continued modernization, rise of living standards, and the
growth in disposable income.

Maintain BUY. As OCBC had already cut their FY09 estimates by 25%
previously, they see no need to adjust the numbers again, hence the fair
value remains at S$0.20 (4x FY09F PER). OCBC believe that most of the
negatives have also been captured in its share price. Maintain BUY.