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雷达卡
The tales of Davids
Hong Kong
Macau Gaming Sector – New report: A bubble in the making 9
Kingboard Chemical – A surprising placement of KBL’s shares 10
SJM – Our top pick in the sector is trading at an unreasonable 50% discount to peers 10
MPEL – 3Q09 results could prove our negative thesis 11
Galaxy – Overhang gradually being removed with more details about Cotai Mega Resorts 11
Melco – Nothing but a pure holding company 12
China
CPID – 1H09 results review: 1H in line; expect stronger 2H 20
CHST – 1H09 recurring busines in line with expectation, but 2010 earnings visibility is lowered 20
KWG Property – Recent acquisitions are NAV accretive, upcoming catalysts for rerating 21
Korea
Taeyoung E&C – Better operating performance in 2H09E 31
Kumho Electric – LED transition on track 31
Meritz F&M – FY09 EV disclosure shows continued solid growth in long-term product lines 32
Malaysia
Tan Chong – Positives reflected in the price; downgrade to NEUTRAL 41
Taiwan
Evergreen Marine – Limited capacity growth and strong balance sheet are positives, but… 52
WPG – Benefits from good semiconductor demand and market share gains 52
Thailand
Glow Energy – No impact from the second Map Ta Phut protest 59
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