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TheEdge - BROKERS DIGEST (Dec 10 - Dec 16, 2007)
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decarn
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09-Dec-2007 17:33
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(December 10 - December 16, 2007) Best World Intl (Dec 6: 89 cents) TP: $1.15 MAINTAIN BUY. Best World announced its acquisition of a 51 % stake in China-licensed direct selling company, Joymain. The deal needs to be approved by the Ministry of Commerce. The net investment value of 20 million renminbi ($3.9 million) will be fully funded from internal resources. The acquisition will allow Best World to tap Joymain?s brand goodwill, local network and understanding of China?s complex market. We believe that this will greatly enhance the company?s product offering. Best World plans to set up 20 distribution outlets in seven provinces by end-2007 and more than 80 by end-FY12/08. 12-month price target of $1.15 (after accounting for 1-4 bonus issue). - SBI E2-Capital (Dec 5) Ezra Holdings (Dec 6: $3.30) TP: $4.00 MAINTAIN BUY. Ezra is a beneficiary across various segments of the oil and gas chain. Ezra has a strong growth profile going forward, underpinned by eight vessel deliveries in FY2008, three in FY2009 and a further four in FY2010 and rising rates especially for vessels with deepwater capabilities. We expect net earnings to rise 70% in FY2008 and 76% in FY2009. Ezra will also recognise an exceptional gain of around $200 million arising from the disposal of 39% in EOC Ltd (to 48.9%) following its listing on the Oslo Bors. Saigon Shipyard is expected to be fully operational by 2009. Target price of $4.00 based on 15x chartering and 20x for EOC on FY2009 earnings. - DBS Vickers Securities (Nov 5) Hong Leong Asia (Dec 6: $3.62) TP: $5.54 MAINTAIN OUTPERFORM. HLA offers exposure to the domestic growth cycles in both Singapore and China. This insulates its earnings from macro uncertainties facinf the global economy. Key drivers for the ready-mixes concrete business over the next year are expected tc be the recent commencement of Marina IR deliveries en-bloc construction projects and large-scale projects such as BFC (Business Financial Centre). Xinfei offer; exposure to consumption growth in third and fourth-tier cities in China. Yuchai has turned around. Valuations at 9.9x CY09 P/E appear attractive relative to its three-year core EPS CAGR of 48%. Sum-of-the-parts target price of $5.54. - CIMB-GK Research (Dec 3) Continue Reading » |
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