Citigroup 花旗：亚太地区中小上市公司研究周刊(52页)

13 April 2007 | 52 pages

Asia ViewFinder Small & Mid Caps Weekly

 Focus of the week — We initiate coverage on Tainan Enterprise (1473.TW) at
Buy / Low Risk (1L) with a 12-month price target at NT$63.40, for 25%
expected total return. We like Tainan’s rapidly growing own-brand presence in
the China retail business combined with the steady OEM business. Valuations at
10x 2007E and 9x 2008E earnings look undemanding compared to peers, and
the stock offers strong cash yield. See report for details.
 Performance highlights — Share price of China small cap property companies
was up 11% on the back of strong reported earnings. Selected Taiwan
companies – SDI and Walsin Lihwa reacted well to rising copper prices. The
small cap tech companies in Singapore performed well. Strong palm oil prices
drove share prices of Malaysian and Indonesian plantations up 4-14%.
 In this week — Beijing Enterprises, China BlueChemical, China Yurun, Geely,
Shenzhen Investment, Xinyu Hengdeli, AAC Acoustic, CNPC (HK), Singamas,
TPV, Diamond Flower, Tainan Enterprises, Unimicron, Daegu Bank, Hyundai
Securities., Pusan Bank, Samsung Engineering., Tong Yang Inv. Bank,
Datacraft, Tat Hong, Aminvestment, E & O Prop Dev., PPB Oil Palms, Tanjong,
ABG Shipyard, Ashok Leyland, Jet Airways, NIIT, Sasken Comm. Tech.
 Upcoming events — Greener Asia Mini Conf (16 Apr, SG), AP Prop Conf (23-24
Apr, SG), Discover Bangladesh (10-11 May, Dhaka), HK/CN Mini Conf (16 May
in HK, 17 May in SG), Indochina Conf (16-17 May in BK, 18 May in Vietnam).