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<P><FONT face=黑体 size=5><STRONG>July 2, 2007 07.02 ８页</STRONG></FONT></P>
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<P>Today’s focus<BR>Sinomem Technology (SINO.SI): Remove from Buy list on price gains; now Neutral, maintain TP<BR>AAC Acoustic (2018.HK): BSE/MEMS Technology alliance not enough to pose a threat<BR>Headline news<BR>QFII fund suffers from US$1.79b redemption (China Daily)<BR>Corporate bonds set to take off (China Daily)<BR>Central bank: China's financial stability enhanced (Xinhua)<BR>New mainland and HK economic agreement signed (Xinhua)<BR>China approves new labor law (Yahoo)<BR>Sinomem Technology (SINO.SI): Remove from Buy list on price gains; now Neutral, maintain TP, Christina Hee, CFA<BR>• What happened: We are removing Sinomem (SINO.SI, S$1.52, Buy) from our Asia-Pacific Buy list as the stock is trading above our 12-month SOTP-based target price of S$1.45. We now rate the stock Neutral (our target price remains unchanged). The stock has risen 82% vs. the Straits Times Index (STI) at 42% since we added it to our Buy List on March 17, 2006. Over the past 12 months, it has risen 89% (STI +49%). Risks: failure to execute its upstream and downstream strategy.<BR>• Current view: Sinomem recently announced that it has received the SGX’s approval to list 68%-owned Reyphon Agriceutical (RA). A preliminary prospectus for RA has also been lodged with the Monetary Authority of Singapore. We believe that the upcoming listing of RA has been the catalyst of Sinomem’s recent share price performance. We are of the opinion that Sinomem shares are now pricing in much of the positives we expect. We remind investors that seasonally weak 2Q2007 results (which are likely to be released mid-August) will be further exacerbated by the delay in the commencement of production at the new nutriceutical plant, although from 3Q2007 onwards, we expect to see earnings improve. However, unless investors adjust their expectations in view of the lumpiness of</P>
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