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To: Dale Baker who wrote (55856)	9/28/2007 9:15:26 AM
From: Lynn	Read Replies (1) \| Respond to of 118717

Hummm... No bid or ask at C. There's a very interesting article on luxury goods going back to December 2006 that shows if getting a quote for RHMSF.PK at Yahoo! A Swiss fund is mentioned near the beginning of the article, but checking Pictet's funds web site, it appears we in N. America are not eligible to buy anything from them.

To: Dale Baker who wrote (55856)	9/28/2007 9:26:26 AM
From: Lynn	Read Replies (1) \| Respond to of 118717

Changing the subject, C came out with a new research report on KPELY last night at 10 p.m. which did not show on their site until 2 this morning (when I was asleep). Checking for it again, here is the title and two paragraphs: KPELY:RESEARCH 2007-09-27:Flash: Keppel Corp (KPLM.SI): Buy: Confidence Boost from Doha North (C) Investment strategy We reiterate our Buy/Low Risk (1L) rating on Keppel Corp, with a target price of S$16.10. We believe Keppel offers investors an undervalued, steady growth business, with relatively low earnings risk and potential upside from business/capital restructuring. Specifically, we expect group earnings to grow by 36% in 2007, driven mainly by O&M, SPC and property. We believe there is upside potential from the O&M unit, where Keppel appears well positioned to benefit from a sustained upturn in demand for the construction and upgrade of offshore rigs, as well as FSO/FPSO conversions. Key potential catalysts include better-than-expected performances in Offshore and Marine and SPC, and any new developments in the Infrastructure division. Valuation Our target price of S$16.10 is based on a marginal discount to our revised RNAV estimate of S$16.14/share - the discount is derived by applying a 15% discount to the value of Keppel's investments in M1 and K1 ventures. We have applied a 15% discount to these investments as we believe Keppel's role in them is more as a passive investor. For the group's offshore and marine business, we use a target Dec FY08E P/E of 22x considering historical trends, the strength of the industry (which we believe will be a multi-year trend), and the company's healthy reputation and solid track record. Our target price equates to 25.0x 2007E P/E, which is around a 50% premium to the Singapore market multiple of 16.7x, and justified in our view by the stock's stronger performance vs. the market. In particular, Keppel's valuations are supported by 24.0% ROE (market 14.3%) and 36.1% FY07E earnings growth (market 12.9%). Our target price is equivalent to a 22.3x 2007E P/CEPS and 5.9x 2007E P/BV. Note that this still implies a prospective 2007E yield of 1.8%.