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