Just got in more in the morning.  Looking for more with the 0.63 cleared with heavy volume.

Base on the past history, the usual intra-day upside is max 0.05.  If it can do more than that, then the real move is here.  

vested.

07 September 2009

Asian Daily

DISCLOSURE APPENDIX CONTAINS ANALYST CERTIFICATIONS AND THE STATUS OF NON-US ANALYSTS. FOR OTHER

IMPORTANT DISCLOSURES, visit www.credit-suisse.com/ researchdisclosures or call +1 (877) 291-2683.

does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of

interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.U.S. Disclosure: Credit Suisse

China Small-Cap Sector -----------------------------------------------------Maintain OVERWEIGHT

Takeaways from the China Emerging Corporate Days: Biosensors, China Automation and China Hongxing

Kenny Lau, CFA / Research Analyst / 852 2101 7914 / kenny.lau@credit-suisse.com

Adrian Chan / Research Analyst / 852 2101 6469 / adrian.c.chan@credit-suisse.com

Jinsong Du / Research Analyst / 852 2101 6589 / jinsong.du@credit-suisse.com

Catherine Lim / Research Analyst / 852 2101 6323 / catherine.lim@credit-suisse.com

●

the Credit Suisse China Emerging Corporate Days in Hong Kong

and Singapore on 2-3 September 2009. We present the key

takeaways.Biosensors, China Automation and China Hongxing participated in

●

China, Korea and Taiwan. The approvals are crucial as the

company cannot be in full production without them.Biosensors is working to get regulatory approvals in France,

●

system businesses to continue growing at 40-50% and 20-30%

per annum, respectively, on rising demand in the next few years.

It expects to win a few contracts, with confidence in the contract

for Beijing metro, which will be announced in 2H09.China Automation expects its railway signalling and petrochemical

●

and inventory issues. It plans to improve the situation by focusing

on same-store sales. One of the strategies is to increase the store

space (for fitting rooms) to cater for higher sales of sports apparel,

which carry higher margins.China Hongxing expects a lacklustre 2009, due to weak demand

Picking hidden jewels in China

To help investors understand the rising Chinese TMT companies

better, we invited Biosensors, China Automation, China Hongxing,

Dynasty Fine Wines, E-House, Geely, Guangzhou Investment,

Skyworth, TCL Multimedia and Wumart, each with a unique and

interesting story, to participate in the Credit Suisse China Emerging

Corporate Days. The invited emerging companies discussed their

business prospects with investors in Hong Kong and Singapore on 2-3

September 2009.

Biosensors

Biosensors manufactures medical devices and produces drug-eluting

stents. It is entering the Chinese stent market via JW Medical (not

listed). With the modified selling agreement, Terumo (4543, ¥4,860,

not rated) is exclusively selling Biosensors’ products in Japan after

paying the one-time payment of US$40 mn to the company to lower

the sales rebate. Management revealed that it is working to get

regulatory approvals in France, China, Korea and Taiwan. The

approvals are crucial as the company cannot be in full production

without them. Although most of the capex has been spent, it is

considering raising funds (not necessarily from the equity market) to

repay the US$48 mn convertible bond maturing in November 2009.

(

kenny.lau@credit-suisse.com; Jinsong Du/Research Analyst/852

2101 6589 / jinsong.du@credit-suisse.com)Kenny Lau, CFA/Research Analyst/852 2101 7914/

China Automation

China Automation is the largest provider of safety and critical control

systems in China, specialising in the petrochemical and railway

signalling industries. The company’s business development hinges on

the fast-growing Chinese railway industry. It foresees rising

penetration given growing consciousness for railway safety.

Management expects the railway signalling business to continue

growing at 40-50% per annum in the next few years. Management

expects city metro to offer exciting growth opportunities. Contract

sizes for metro-line stations of Rmb200-350 mn are much larger than

those for nationwide railway projects. Over 30 cities are planning to

construct 85 city metro lines. Management expects the company to

win a few contracts, with confidence in the contract for Beijing metro,

which will be announced in 2H09. As the demand for safety and

critical control system from the petrochemical industry is increasing

rapidly, China Automation expects its petrochemical system business

to continue growing at 20-30% per annum in the next few years.

(

kenny.lau@credit-suisse.com)Kenny Lau, CFA / Research Analyst / 852 2101 7914 /

China Hongxing

China Hongxing is a leading domestic sports brand in China, selling a

wide range of sports footwear, apparel and accessories under its

brand

demand and inventory issues. The company plans to improve the

situation by focusing on same-store sales. One of the strategies is to

increase the store space (for fitting rooms) to cater for higher sales of

sports apparel, which carry higher margins. Furthermore, Hongxing

aims to expand its network and have 4,100 outlets by 2009 (+8%),

4,600 by 2010 (+12%) and 5,400 by 2011 (+17%). In the long term,

management targets to have advertising and promotion-to-sales ratio

reduced to within 20% while sports apparel to account for 60% of

sales. Management remains optimistic that Hongxing will continue to

gain market share. (

6323 / catherine.lim@credit-suisse.com; Adrian Chan / Research

Analyst / 852 2101 6469 / adrian.c.chan@credit-suisse.com)Erke. Management expects a lacklustre 2009, due to weakCatherine Lim / Research Analyst / 852 2101

Figure 1: Participating corporates in the Credit Suisse China Emerging Corporate Days on 2-3 September 2009

Mkt cap Avg. D t/o CS Price Year Up/dn EPS EPS grth (%) P/E (x) Div. yld ROE P/B

Company Ticker (US$ mn) (US$ mn) Rating Local Target T (%) T+1 T+2 T+1 T+2 T+1 T+2 (%) T+1 (%) (x)

Biosensors BIG SP 435 3.6 O 0.59 0.80 03/09 36 0.0 0.0 n.a 8 32.8 30.5 - 9.1 —

China Automation 569 HK 510 1.1 NR 4.00 n.a. 12/08 n.a. 0.2 0.3 29 36 16.0 11.8 1.1 20.3 3.4

China Hongxing CHHS SP 477 7.5 N 0.25 0.17 12/08 (33) 0.2 0.2 4 9 7.0 6.4 2.9 10.4 0.7

Note: O = OUTPERFORM, N = NEUTRAL, U = UNDERPERFORM

* For those stocks that are not rated, I/B/E/S consensus forecasts have been used

Source: Company data, Credit Suisse estimates

07 September 2009

Asian Daily

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Companies Mentioned (Price as of 04 Sep 09)

Biosensors International Group Ltd. (BIOS.SI, S$0.59, OUTPERFORM [V], TP S$0.80)

China Hongxing Sports Limited (CHXS.SI, S$0.25, NEUTRAL [V], TP S$0.17)

Terumo (4543, ¥4,860, NOT RATED)

E-House China Holdings Ltd (EJ.N, $19.48, RESTRICTED [V])

Geely Automobile (0175.HK, HK$1.90, NOT RATED)

Guangzhou Investment Company Limited (0123.HK, HK$1.51, NOT RATED)

Skyworth Digital Hldgs Ltd (0751.HK, HK$2.78, NOT RATED)

TCL Multimedia Technology Holdings Ltd (1070.HK, HK$3.75, NOT RATED)

Wumart Stores (8277.HK, HK$12.20, RESTRICTED [V])

China Automation (0569.HK, HK$4.00, NOT RATED)

Dynasty Fine Wines (0828.HK, HK$1.67, NOT RATED)

Disclosure Appendix

Important Global Disclosures

Kenny Lau, CFA, Adrian Chan, Jinsong Du & Catherine Lim each certify, with respect to the companies or securities that he or she analyzes,

that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2)

no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this

report.

The analyst(s) responsible for preparing this research report received compensation that is based upon various factors including Credit Suisse's

total revenues, a portion of which are generated by Credit Suisse's investment banking activities.

Analysts’ stock ratings are defined as follows:

Outperform (O):

perceived risk) over the next 12 months.The stock’s total return is expected to outperform the relevant benchmark* by at least 10-15% (or more, depending on

Neutral (N): The stock’s total return is expected to be in line with the relevant benchmark* (range of ±10-15%) over the next 12 months.

Underperform (U): The stock’s total return is expected to underperform the relevant benchmark* by 10-15% or more over the next 12 months.

*Relevant benchmark by region: As of 29

total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage

universe**, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment

opportunities. Some U.S. and Canadian ratings may fall outside the absolute total return ranges defined above, depending on market conditions

and industry factors. For Latin American, Japanese, and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the

average total return of the relevant country or regional benchmark; for European stocks, ratings are based on a stock’s total return relative to the

analyst's coverage universe**. For Australian and New Zealand stocks a 22% and a 12% threshold replace the 10-15% level in the Outperform

and Underperform stock rating definitions, respectively, subject to analysts’ perceived risk. The 22% and 12% thresholds replace the +10-15%

and -10-15% levels in the Neutral stock rating definition, respectively, subject to analysts’ perceived risk.

**An analyst's coverage universe consists of all companies covered by the analyst within the relevant sector.th May 2009, Australia, New Zealand, U.S. and Canadian ratings are based on (1) a stock’s absolute

Restricted (R):

including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain

other circumstances.In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications,

Volatility Indicator [V]:

24 months or the analyst expects significant volatility going forward.A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past

Analysts’ coverage universe weightings are distinct from analysts’ stock ratings and are based on the

expected performance of an analyst’s coverage universe* versus the relevant broad market benchmark**:

Overweight: Industry expected to outperform the relevant broad market benchmark over the next 12 months.

Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months.

Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months.

*An analyst’s coverage universe consists of all companies covered by the analyst within the relevant sector.

**The broad market benchmark is based on the expected return of the local market index (e.g., the S&P 500 in the U.S.) over the next 12

months.

Credit Suisse’s distribution of stock ratings (and banking clients) is:

Global Ratings Distribution

Outperform/Buy* 37% (57% banking clients)

Neutral/Hold* 43% (59% banking clients)

Underperform/Sell* 18% (49% banking clients)

Restricted 2%

*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy,

Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's

decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.

Credit Suisse’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the

market that may have a material impact on the research views or opinions stated herein.

07 September 2009

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Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to

Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research:

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Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may

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As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report.

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Disclaimers continue on next page.

07 September 2009

Asian Daily

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ASIA/PACIFIC: +852 2101-6000 EUROPE: +44 (20) 7888-8888 UNITED STATES OF AMERICA: +1 (212) 325-2000

Ha ha comrade, AK riding on your good blessing loh.

To effect real hard on its px is the coming 1H09 likely falls ard 11 Nov 09(last FY date). Coy full of optimism on d profit outlook mths to come.

Cheers.