<P><FONT face=黑体 size=6><STRONG>Citigroup 花旗：亚太地区中小上市公司研究周刊</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>Asia ViewFinder Small &amp; Mid Caps Weekly</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>4 April 2007 | 46 pages</STRONG></FONT></P>
<P> [UseMoney=67</P>
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<P><FONT size=4> Focus of the week — We have raised our price target for China auto glass<BR>producer Xinyi (0868.HK) by 30% to HK$5.35. Its FY06 results were 9% above<BR>consensus and we forecast 2007-08 EPS growth of 32-39%. Its expansion into<BR>upstream float glass making was timely, given rising float glass price and falling<BR>heavy oil costs. We expect Xinyi's float glass capacity to rise from 2,800 ton/day<BR>in 2007 to 8,000 ton during 2009-10. We rate it Buy/Medium Risk.<BR> Performance highlights — Share prices of selected Hong Kong retailers rose 8-<BR>11% on the back of stronger than expected February retail sales (+28.4%).<BR>Excluding the Chinese New Year impact, HK retail sales were up 11.4% YoY for<BR>Jan and Feb combined. Coal producers and plantations in Thailand and<BR>Indonesia performed well. Citi recently raised coal and CPO price forecast.<BR>Sugar companies in India continue to rise on expectation of export subsidy.<BR> In this week — China Metal Int'l, TravelSky Tech., Weiqiao Textile, Xinyi Glass,<BR>Xiwang Sugar, Johnson Electric, Melco, China Airlines, D-Link, Taiwan Cement,<BR>Creative Tech., Chartered Semiconductor, United Test &amp; Assembly, Indiabulls,<BR>Patni Computer Systems, Perusahaan Perkebunan London Sumatra Indonesia<BR> Upcoming events — Greener Asia Mini Conference (16 Apr in SG), Asia Pac<BR>Prop Conference (23-24 Apr in SG), Discover Bangladesh (10-11 May, Dhaka),<BR>HK and China Mini Conference (16 May in HK, 17 May in</FONT></P>