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Solar:Capital Market Dealings for ESLR and ENER【研究报告内容摘要】
ESLR concludes exchange offer on converts — ESLR announced theexpiration and results of its exchange offers with a partial exchange on the 4%notes and no exchange on the 13% notes. ESLR mgmt ultimately decided thatenriching the offer further was not in the best interest of shareholders given theearliest maturity is mid-2013. While a disappointing outcome for mgmt, ESLR isnot precluded from revisiting its efforts later and can now refocus efforts in Chinawhere the govt continues to be, based on our work, very supportive of expansionplans. The company remains on track to have furnaces up and running producingindustry-standard size wafers by 2H:11. Having announced the big writedown atDevens and now pursuing what we believe to be the optimal strategy as a purewafer maker in what should be a generally tighter poly environment the nextseveral years, there remains some fundamental value here. That said, monetizationof this technology via a JV and/or strategic investment continues to hinge on fullyproving its standard sized wafers. Maintain Hold (2S) and $3.50 target.

China Banks Alert:Deposit Contraction Places Pressure on Smaller Banks【研究报告内容摘要】
Jan loan and deposit growth figures were released this afternoon — Loangrowth of Rmb1.04trn was a little below expectations. Key surprise was deposits,which contracted Rmb20bn mom - not because of household deposits (whichposted very strong Rmb1.42trn growth) but due to a big contraction in corporatedeposits. We believe this places pressure on smaller banks, which are more relianton corporate deposits and have tighter liquidity and higher loan/deposit ratios.
Slowing loan growth — Jan Rmb loan growth was Rmb1.04trn, below marketexpectations of c1.2trn. Growth in total loans outstanding in Jan was 18.5% yoy, afurther slowdown from 19.9% yoy growth in Dec.

Asian Low Cost Carriers:Flying into a Turbulent Growth Phase【研究报告内容摘要】
Fuel is now everything – With jet fuel price at US$116/bbl and Asian airlinesrelatively unhedged, share price movements will be primarily dependent on wherefuel goes from here. Limited visibility on how much, how fast fuel prices may rise(or fall) means market’s conviction on airline stocks is likely to remain low.