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雷达卡
The tales of Davids
Hong Kong
Samling Global – 1H09 results are in line, but expect weaker 2H 11
Johnson Electric – First-ever loss threatens dividends; reduce our forecasts and target price 11
Hysan – Downside protection from the decent yield 12
Yue Yuen – Sales momentum remained weak in February 12
Wing Hang Bank – FY08 result: encouraging guidance, but too early to declare victory 13
China
China Flavors & Fragrances – Company visit note 20
CIIH – Upgrade to OUTPERFORM: positive EV growth, value has re-emerged 21
Shandong Weigao – FY08 results preview 21
China Everbright Int’l – Positioned for growth 22
China Digital TV – 4Q08 results above consensus; 1Q09 guidance above expectation 22
Henan Pinggao – FY08 results: revenue surged, but net margin eroded 23
Indonesia
Holcim – Despite a forex loss, FY08 results solid and above our expectations 30
Bukit Asam – FY08 disappoints on sticky cost base 30
Korea
CJ Cheiljedang – Sugar ASP hike of 15.8% from 9 April 34
S1 – New CEO likely to focus on growth strategy 34
CJ Cheiljedang – Negative news on sugar price: CJCJ delays 16% ASP increase 35
Malaysia
Maybulk – Dividends lowered on weaker cash flows 43
Plus Expressways – Good defensive qualities 43
Sinagpore
ComfortDelGro – Circle Line commencement negative for bus ridership 49
Straits Asia Resources – Surprisingly sticky cost base in a decidedly mixed pricing environment 49
Raffles Education – Corporate fraud at associate Oriental Century – cash or liability? 50
Taiwan
GMT – 4Q08 below expectation, 1Q09 benefits from inventory restocking and TWD depreciation 56
PCS – Headwinds yet over 56
Richtek – Rich valuation with fewer growth drivers, wait for better opportunity to revisit 57
Thailand
Airports of Thailand – Single airport model raises capex risk 64
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