CHINA
Snippet
Railway Industry
Potential positive newsflow on Zhuzhou CSR Times Electric.
Kunming Machine Tool
(BUY/HK$22.60/Target: HK$21.40-Under Review)
Leveraging on Shenyang Machine Tool’s sales network. Maintain BUY.
Snippet
China COSCO Holdings (BUY/HK$34.05/Target: HK$45.00)
3Q07: Earnings in line with expectation. Maintain BUY.
HONG KONG
Sector
Industrials
Stricter environmental protection on paper manufacturing industry in
China.
Update
Kowloon Development (BUY/HK$24.00/Target: HK$26.50)
The favourable ruling on the acquisition of a majority stake in
Shenzhen-listed Shenzhen Properties & Resources boosts the stock’s NAV
further.
INDONESIA
Results
Bank Rakyat Indonesia (HOLD/Rp7,750/Fair: Rp6,600)
9M07: Strong net profit growth in 3Q07 driven by lower provisioning
level.
MALAYSIA
Strategy
Expect the next leg-up in the KLCI to be driven by the next General
Elections.
Maintain our target of 1,500 for KLCI.
Sector
Banking
Loan growth accelerated in Sep 07 by 9.5%, driven by strong drawdown of
business loan (ytd: +13.9%). Average lending rate was marginally lower.
Results
Axis REIT (BUY/RM2.08/Target: RM2.83)
3Q07: Results largely in line with net profit of RM7.5m. Revaluation
gains
of RM29.9m. for original five IPO properties.
Snippet
Lafarge Malayan Cement (BUY/RM1.82/Target: RM2.25)
Lafarge’s 20 sen/share capital repayment goes ex 13 Nov 07. Net yield of
11.0%
at current prices.
SINGAPORE
Sector
Property ? Residential
Lowest impact of deferred payment scheme withdrawal on mass market
segment.
Results
COSCO Corporation (BUY/S$7.75/Target: S$8.60)
9MFY07: Results exceed expectations.
Delong Holdings (HOLD/S$3.12/Fair: S$3.07)
3Q07: Profit plagued by high raw material cost.
FerroChina Limited (BUY/S$2.57/Target: S$2.90)
3Q07: Margin recovered due to favourable product mix.
Snippet
CDL Hospitality Trusts (BUY/S$2.39/Target:S$1.50-Under Review)
3Q07: DPU up 69%, higher than forecast during IPO.
Keppel Corp (BUY/S$14.70/Target: S$16.70)
Secures US$1.2b Petrobras P-56 contact, in line with expectations.
Offshore & marine contracts secured ytd amount to S$6.25b (2006 total:
S$7.3b).
THAILAND
Sector
Property
Industrial: 9M07 combined industrial land sales of top three developers
doubled yoy to 2,156 rai.
TALKING POINT: Thailand – Major Cineplex (MAJOR) acquired stakes in TRAF: A
win-win deal
For more details, click on the link.
http://research.uobkayhian.com/research/content.show.action?filename=2007110109420339433334450
