DS has successfully transformed itself from a local furniture manufacturer to a global product specialist with in-house brands. It is poised for a quantum leap given the strong demand for hotel fit-outs, growing overseas traction and potential mega contract wins. Despite its robust growth momentum, valuation is a steal, at just 3.9x (ex-cash) FY10 PER, a sharp discount to its …

Leading economic indicators. Global economic data have been pointing to concrete evidence of an economic recovery with PMIs rebounding, unemployment generally easing and consumer confidence recovering from their lows. Increased confidence of an economic recovery has enhanced investors' preference for cyclical stocks such as commodities. Indeed, increased economic activity and …

We still like the sector because of its resilient earnings ? we see the potential of earnings disappointment for the market as a whole if the expected V-shaped recovery does not materialize. With the market looking slightly toppish around 2600-2700, the risk of suffering a sharp pullback is less for the telcos given that they have generally lagged the market in terms of YTD …

China’s passenger car sales in Aug ’09 surged 90.18% yoy and 3.1% qoq to 858,300, underpinned by the government’s stimulus measures such as aggressive cuts in sales tax and rebates for buy …

Petrobras likely to kick start the first phase of rig tendering later this month: Petrobras directors have approved on Friday the first phase of Brazilian rig building program calling for …

O&M sector remains underweight — We recently met with investors in Europe and sense clients are much more cautious on the sector as compared to Asian based investors. Most remain under …

Saizen REIT was listed in November 2007 and it invests in residential properties across 13 regional cities in Japan. The properties are leased out typically to the working singles and smal …

An established property developer in Chongqing. We recently paid a visit to Ying Li International Real Estate in Chongqing, PRC and visited several of its investment properties and ongoing development projects. Ying Li is a Chongqing-based property developer that primary engages in commercial property development. The company is also one of the major landlords in the …

Fuelled by globalisation. Growth of the shipping industry has been fuelled by globalisation and international trade. The global trade boom over the past 15 years has led to a 55.6% growth in wet cargo throughput, and a 105.2% surge in dry cargo volumes. Shipping has been, and still is, one of the most cost efficient modes of long haul transport. Demand for shippingrelated …

Much has been discussed about abalone farming since our initiation report on Oceanus whereas restaurant and food processing segments were just briefly mentioned as both were still in the very early development stage. About one year since the RTO, Oceanus has made enormous progress and many changes have taken place. We have witnessed impressive …