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Store visits in Xiamen. We visited retail outlets of Li Ning, Anta, Xtep, Kappa, China Hongxing and 361 at Zhongshan Road, the busiest shopping area in Xiamen, between 7pm and 9pm on 2 Sep …
Store visits in Xiamen. We visited retail outlets of Li Ning, Anta, Xtep, Kappa, China Hongxing and 361 at Zhongshan Road, the busiest shopping area in Xiamen, between 7pm and 9pm on 2 Sep …
As the company will not be able to meet their convertible bondholders (CB) requests when the CB holders have the option to require the company to redeem their bonds (worth RMB1.532bln) on …
As the company will not be able to meet their convertible bondholders (CB) requests when the CB holders have the option to require the company to redeem their bonds (worth RMB1.532bln) on …
Worse-than-expected 2Q09 results due to lower product prices and one-off loss. We expect profit to recover in 2H09 given the production ramp-up at new plant. Maintain BUY with target price …
Worse-than-expected 2Q09 results due to lower product prices and one-off loss. We expect profit to recover in 2H09 given the production ramp-up at new plant. Maintain BUY with target price …
We have downgraded our rating for Capitaland to 3 from 2 after the government’s announcement (on 14 September) of measures to ensure a ‘stable and sustainable’ property market, including a …
We have downgraded our rating for Capitaland to 3 from 2 after the government’s announcement (on 14 September) of measures to ensure a ‘stable and sustainable’ property market, including a …
Bumping up earnings estimates. We have tweaked our earnings estimates to take into account G3 Worldwide Aspac (G3AP)'s contribution to the group's revenue. We had earlier refrained from doing so given the uncertainty of its impact in the face of a fragile global economy. Although the general mood is still cautious given that government stimulus packages have not resulted in a …
Bumping up earnings estimates. We have tweaked our earnings estimates to take into account G3 Worldwide Aspac (G3AP)'s contribution to the group's revenue. We had earlier refrained from doing so given the uncertainty of its impact in the face of a fragile global economy. Although the general mood is still cautious given that government stimulus packages have not resulted in a …
Trading volumes have increased in recent weeks, and we believe these higher levels are sustainable due to an economic recovery and a decline in risk aversion among investors. We raise our …
Trading volumes have increased in recent weeks, and we believe these higher levels are sustainable due to an economic recovery and a decline in risk aversion among investors. We raise our …
Signs of recovery are emerging despite the lower-than-expected results, suggesting the worst is over. Growth will be driven by its enhanced market leader position and continuing healthy fi …
Signs of recovery are emerging despite the lower-than-expected results, suggesting the worst is over. Growth will be driven by its enhanced market leader position and continuing healthy fi …
Recent surge in share price. The share price has risen by about 20% since our last report on 2 September 2009. We would like to highlight that NOL is still expected to post a full year loss of US$633m in FY2009F. Although we are anticipating a recovery in 2010, it is projected to report a loss of US$131m in FY2010F. It is only in FY2011F that we expect a profit of US$208m. …
Recent surge in share price. The share price has risen by about 20% since our last report on 2 September 2009. We would like to highlight that NOL is still expected to post a full year loss of US$633m in FY2009F. Although we are anticipating a recovery in 2010, it is projected to report a loss of US$131m in FY2010F. It is only in FY2011F that we expect a profit of …
Weak start at Circle Line due to poor connectivity however mgmt expects impact to be minimal. SMRT average daily rail and bus ridership in Aug09 grew by 1.6% YoY and -1.2% YoY to 1.4m and 0.8m, respectively. The trend has been weaker than expected due to poor ridership at its core North East South West (NSEW) lines as a result of the slowing economy. In addition, ridership …
Weak start at Circle Line due to poor connectivity however mgmt expects impact to be minimal. SMRT average daily rail and bus ridership in Aug09 grew by 1.6% YoY and -1.2% YoY to 1.4m and 0.8m, respectively. The trend has been weaker than expected due to poor ridership at its core North East South West (NSEW) lines as a result of the slowing economy.In addition, ridership at …
The likelihood of any irrational bidding for the English Premier League (EPL) rights may be limited due to a risk of regulatory intervention to keep prices in check, we believe. Also for S …
1H09 results came in better than our estimates due to cost saving, but worse than market expectation as a result of drop in turnover, with net profit up 13% yoy to HK$1.4b. Valuation is too expensive. Maintain SELL with fair price of HK$18.8 based on 18x 2010F PE. 1H09 results came in better than our estimates due to cost saving, but worse than market expectation as a result …
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