YANGZIJIANG

There was no month-end dressing in last 2 days and going bytoday’s continued fall, YZJ is going the opposite of its behaviour atend-Sept and early Oct when a sustainable breakout took it fromaround $1.80 to a high of $2.86 on Oct 2. This was followed by aminor new peak of $2.87 in mid-October.
It was still [...]

Banking Sector

Sep-07 stats: Stunning loan growth of 12.8% y-o-y􀂾 The system loan growth in Sep-07 swelled to 12.8% y-o-yand 4.6% q-o-q in Jul-Sep quarter, compared to 10.8% y-o-y and4.9% q-o-q in Jun-Aug quarter. This is the highest y-o-y growthachieved since Dec-97.􀂾 Consumer loans, particularly housing loans, grew evenstronger in Sep-07 at 12.6% y-o-y and 6.3% q-o-q [...]

CDL Hospitality Trusts

3Q07: DPU up 69% than IPO forecast
3Q revenue higher than IPO forecast by 69% to S$24.0m. The initial portfolio of four Singapore hotels registered strong revenue growth ranging from 25% to 41% yoy. Novotel Clarke Quay, acquired in June 07, made its maiden contribution of $3.8m or 16% of total revenue. In tandem with revenue [...]

Samudera Shipping Line Ltd

Better 3Q but FX losses to dilute growth
3Q results above expectations. Samudera Shipping Line Ltd (SS)’s 3Q07 turnover increased 7.2% QoQ to S$149m (up from S$139m), marginally beating our forecast by 5.7%. On a YoY basis however, turnover declined 9.4% from S$164.4m due to a shift in container volume mix towards higher margin shorter haul [...]

COSCO Corporation (S)

9MFY07 Results: Exceeding expectations
COSCO Corporation (S) (COS (S)) has released its 9M07 results. 9M07 earnings increased by 37.5% to S$220.1m while 3Q07 earnings increased by 36.7%. However, after stripping out gains from vessel sales in FY06, 9M07 and 3Q07 earnings increased by 63% and 87% respectively. Our current forecasts factor in full year growth of [...]

Regional Morning Meeting Notes, November 01, 2007

CHINA
SnippetRailway IndustryPotential 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.
SnippetChina COSCO Holdings (BUY/HK$34.05/Target: HK$45.00)3Q07: Earnings in line with expectation. Maintain BUY.
HONG KONG
SectorIndustrialsStricter environmental protection on paper manufacturing industry inChina.
UpdateKowloon Development (BUY/HK$24.00/Target: HK$26.50)The favourable ruling on the acquisition of a majority stake inShenzhen-listed Shenzhen Properties [...]

China XLX Fertiliser

- China XLX Fertiliser (CXF) staged a price break 2 days ago above theuptrend line on the back of strong volume. The overall volume trend of theprice ascension has been rising, indicating the momentum of the rally isintact.- Yesterday CXF made a pullback but remained above the uptrend line. Asit was also made on very [...]