The tales of Davids
Hong Kong
Pacific Basin – Trading update: earnings cover slightly above average 11
Techtronic – Stanley Black & Decker – a potential powerful rival in the making 11
MPEL – Upcoming 3Q09 results to confirm our negative thesis 12
China
Pinggao – 3Q09 results – disappointing again 19
Liugong – 3Q09 results better than market expectation 19
BYD – Powerful, tangible growth; upgrade EPS forecasts and target price 20
Home Inns – 3Q09 results next week could well bring another round of forecast upgrades 20
Indonesia
Ciputra Development – Disappointing 9M09 27
Excelcom – 3Q09 – very strong ongoing recovery; Excelcom now at a cash flow breakeven 27
Holcim – Better-than-expected earnings in 9M09 due to foreign exchange gain 28
Lippo Karawaci – 9M09 results in line but no longer overvalued 28
Sampoerna Agro – Solid 3Q09A on higher production 29
Kalbe Farma – Robust 9M09A is priced in 29
Matahari Putra – Robust 9<09A operational results, but earnings visibility remains low 30
Korea
Cheil Industries – Weak 3Q results on disappointing fashion business 34
MKIF – 3Q results: solid with resilient performance of underlying assets 34
Neowiz – Super growth continues into 3Q09; upgrade target price to W55,000 35
NongShim – 3Q results – slightly better than expected 35
Kangwon Land – Concerns on regulation plans no longer seem to be a serious negative catalyst 36
Seoul Semiconductor – 3Q09 results – better than expected; upgrade earnings and target price 36
Malaysia
AirAsia – Forecast trimmed on higher jet fuel assumptions; maintain OUTPERFORM 45
Scomi – 3Q09 result within expectations; Maintain UNDERPERFORM 45