Geo-Political Concerns Hover the Market

The January 2003 financial markets started off on a strong note, with the Dow Jones Industrial Average up approximately six percent in the first weeks, only to be racked by a continued slow economy and geo-political concerns that potentially will cost the United States Government billions of dollars and historically high oil prices. Both the Dow Jones Industrial Average and the Standard & Poors 500 ended in the negative for the month to levels not seen since last fall. The Hawaiian Industrial Average remained relatively stable for January with a minimum negative.

Two of the Hawaiian Industrial Average’s oil related stocks moved in opposite directions in January. Barnwell Industries, who has extensive interest in oil and gas properties, predominately in Canada, experienced an over five percent gain as investors perceived increase value in those properties due to the turmoil in the Middle East and an ongoing general strike in oil producing Venezuela. Tesoro moved in the other direction, down almost ten percent, being an oil refiner with the prospect of squeezed margins as oil prices rise due to the geo-political problems in the Middle East. Tesoro has also been dealing with a heavy debt burden and sold off non-core assets during the waning days of 2002 to pair down some of that debt.

Mauna Loa Macadamia continued to be attractive to income oriented investors as the limited partnership that trades on the New York Stock Exchange has been yielding on an annual basis almost six percent, far more than money market yields in the two percent range.

Maui Land & Pineapple bucked the trend with a solid ten plus percentage gain in January being the best performer in Hawaii.

Ticker Symbol	Company	Exchange	Price 12/31/02	Price 1/31/03	Change in Period	Percent Change in Period	Earnings Last 12 mos.	Dividends	Yield	High 12 mos.	Low 12 mos.	P/E Ratio
ALEX	Alexander & Baldwin	OTC	25.79	25.95	0.16	0.62	1.42	0.90	3.47	29.25	20.50	18.27
BOH	Pacific Century Financial	NYSE	30.39	30.46	0.07	0.23	1.70	0.76	2.50	31.05	22.79	17.92
BRN	Barnwell Industires	ASE	20.10	21.20	1.10	5.47	0.03	0.60	3.0	21.20	19.40	706.67
CBBI	CB Bancshares	NASD	42.52	41.21	-1.31	-3.08	3.43	0.44	1.0	44.16	30.45	12.01
CEAH	CEATECH USA	OTC	0.26	0.22	-0.04	-15.38	0.00	--	--	0.90	0.15	--
CPF	CPB, Inc.	NYSE	27.45	28.15	0.70	2.55	2.01	0.44	1.60	31.24	13.82	13.80
CYAN	Cyanotech	OTC	0.40	0.43	0.03	7.50	-0.13	--	--	1.25	0.25	-3.31
DOL	Dole Foods	NYSE	32.58	32.62	0.04	0.12	2.76	0.60	1.84	33.99	24.14	11.82
HA	Hawaiian Airlines	ASE	2.04	1.99	-0.05	-2.45	-1.44	--	--	4.60	1.55	-1.38
HE	Hawaiian Electric	NYSE	43.98	41.24	-2.74	-6.23	3.24	2.48	6.01	49.00	34.55	12.73
MRPI	Mera Pharmaceuticals, Inc.	OTC	0.07	0.05	-0.02	-28.57	NA	--	--	0.16	0.03	--
MLP	Maui Land & Pine	ASE	15.84	17.60	1.76	11.11	0.15	0.00	0.00	24.60	13.75	117.33
NUT	Mauna Loa Mac	NYSE	3.30	3.45	0.15	4.55	-0.02	0.20	5.80	3.21	3.13	-172.50
RZT	Resort Quest Intl. Inc.	NYSE	3.77	3.87	0.10	2.65	-0.01	--	--	8.12	3.17	-387.00
TSO	Tesoro Petroleum Corp.	NYSE	4.52	4.10	-0.42	-9.29	-1.93	0.00	0.00	15.29	1.24	-2.12
This information is based on sources believed to be reliable, but is not guaranteed by this corporation. Any opinion expressed reflects judgment as of date of submission of materials, and may be subject to change. OTC stocks priced at the bid, listed stocks priced at the last trade.

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