FJB's 3Q09 net loss of S$1.9m vs. 3Q08 profit of S$4.4m was significantly below our expectations and consensus because of disappointing gross margins. The yoy fall in earnings was caused by a 21% decline in revenue and a non-cash forex translation loss of S$1.7m related to inventory-carrying value. We are ceasing coverage of the stock with immediate effect due to a lack of institutional interest. Our forecasts have not incorporated this latest set of results. Our last rating for the stock was Underperform with a target price of S$0.15, based on 8x CY10 P/E.