GS 高盛：每日中国报告 10.03

China-Daily-Insights 10.03 10页

Today’s focus
Focus Media (FMCN): Acquisitions can likely accelerate growth for several more years
Angang Steel (H) (0347.HK): First take: Rights issue slightly better than expectation
Asia Pacific: Multi-Industry: Conglomerate-Diversified: Conglomerate stub trades: A fundamental primer, part 2
Headline news
Pork prices drop by nearly 10% from peak level (China Daily)
Policies fail to curb soaring home prices (China Daily)
China's imports of gasoline hit 10-year high (China Daily)
China to further rein in credit growth (Xinhua)
Focus Media (FMCN): Acquisitions can likely accelerate growth for several more years, James Mitchell, CFA
• What's changed: With the audit investigation concluded and the office building TV screen business settling into a steady growth trajectory, we concentrate on the opportunities in, and risks to, Focus' (FMCN, US$58.80, Buy) acquisition strategy. We believe Focus has conducted five material and 35 smaller acquisitions since early 2005