Taking this stance, we suggest caution on highly priced China stocks like

Synear, Epure, China Energy, Epure, Midas, Raffles Education and Hongguo.

Among the China stocks we cover, Pine Agritech, Sino-Environment and China

Hongxing are also highly priced. We still like some of these stocks though we

recognise that they could potentially suffer in the event of an earnings

disappointment. Away from the China stocks, we think that Singapore property

stocks could also become underperformers if the world becomes more valuation

conscious. We acknowledge that Singapore property prospects are bright but caution

again that Singapore property stocks are not cheap. Our property valuation targets

are increasing based on end-CY08 RNAVs in order to justify high current valuations.

Our ?Sell Property, buy Tech? strategy is premised purely on a valuation angle. Prior

to our Navigator report, we were cognisant that tech (largely driven by

semiconductors) will not have bright prospects until the second half of this year. Still,

as valuations were low, the downside risk was limited., Epure, China Energy, Epure, Midas, Raffles Education and Hongguo.

Among the China stocks we cover, Pine Agritech, Sino-Environment and China

Hongxing are also highly priced. We still like some of these stocks though we

recognise that they could potentially suffer in the event of an earnings

disappointment. Away from the China stocks, we think that Singapore property

stocks could also become underperformers if the world becomes more valuation

conscious. We acknowledge that Singapore property prospects are bright but caution

again that Singapore property stocks are not cheap. Our property valuation targets

are increasing based on end-CY08 RNAVs in order to justify high current valuations.

Our ?Sell Property, buy Tech? strategy is premised purely on a valuation angle. Prior

to our Navigator report, we were cognisant that tech (largely driven by

semiconductors) will not have bright prospects until the second half of this year. Still,

as valuations were low, the downside risk was limited.Pine Agritech, Sino-Environment and China

Hongxing are also highly priced. We still like some of these stocks though we

recognise that they could potentially suffer in the event of an earnings

disappointment. Away from the China stocks, we think that Singapore property

stocks could also become underperformers if the world becomes more valuation

conscious. We acknowledge that Singapore property prospects are bright but caution

again that Singapore property stocks are not cheap. Our property valuation targets

are increasing based on end-CY08 RNAVs in order to justify high current valuations.

Our ?Sell Property, buy Tech? strategy is premised purely on a valuation angle. Prior

to our Navigator report, we were cognisant that tech (largely driven by

semiconductors) will not have bright prospects until the second half of this year. Still,

as valuations were low, the downside risk was limited.are also highly priced. We still like some of these stocks though we

recognise that they could potentially suffer in the event of an earnings

disappointment. Away from the China stocks, we think that Singapore property

stocks could also become underperformers if the world becomes more valuation

conscious. We acknowledge that Singapore property prospects are bright but caution

again that Singapore property stocks are not cheap. Our property valuation targets

are increasing based on end-CY08 RNAVs in order to justify high current valuations.

Our ?Sell Property, buy Tech? strategy is premised purely on a valuation angle. Prior

to our Navigator report, we were cognisant that tech (largely driven by

semiconductors) will not have bright prospects until the second half of this year. Still,

as valuations were low, the downside risk was limited.