Regional Morning Notes
Wednesday, August 13, 2008
Please see important notice on last page
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China Shipping Development (BUY/HK$18.90/Target: HK$26.50)
1H08: Earnings surges 44% yoy to Rmb3.2b.
(HOLD-Under Review/HK$11.50/Fair: HK$19.10-Under Review)
1H08: Net profit up 72% yoy, in line with expectation.
Hopefluent (BUY/HK$2.30/Target: HK$3.17)
Despite growth in both primary and secondary market operations, margins
are pressured by the rapid expansion.
Jiangxi Copper (BUY/HK$10.50/Target: HK$30.00-Under Review)
Domestic copper price showing signs of bottoming. JC will be a major
beneficiary of rising copper price in the coming months.
i-CABLE (SELL/HK$1.03/Fair: HK$1.10)
Net profit plunges 78% yoy to HK$26m in 1H08. There will be substantial
increase in operating costs and capex in the foreseeable future.
Global Mediacom (NOT RATED/Rp340)
Sells a 15.8% stake in mobile phone provider Mobile-8 Telecom to various
undisclosed investors for US$50m.
AMMB Holdings (BUY/RM3.22/Target: RM3.90)
1QFY09: Net profit of RM203m, up 12.1% yoy driven by lower provision.
Results above expectation. Management has revised down ROE target.
Scomi Marine (BUY-Under Review/RM0.52/Target: RM1.53-Under Review) Page 14
2QFY08 net profit of RM14.5m, up 36% yoy and 39% qoq. Results below
UMW Holdings (NOT RATED/RM5.90)
Awarded US$170m drilling rig contract for three years with an option to
extend for another three years.
Top Glove (TOPG MK)
Aug 07 Oct 07 Dec 07 Feb 08 Apr 08 Jun 08
Headwinds Start To Ease
Top Glove has lost almost one-third of
its market capitalisation ytd, with the
recent closing at RM4.08.
The selldown was mainly due to the
concerns over :
rising latex prices,