2Q09 results above expectations on strong core operationsEuropean operations are still loss making (-US$2.2m); losses expected to narrow in 2HRaising earnings by 33%-38% in FY09F-10FUpgrade to Hold, TP revised up to S$0.94.Strong core operations in 2Q.2Q net profit, up 56% yoy to US$6.1m, was above our expectations. This arose from a strong contribution from its ...