The tales of Davids
Hong Kong
ICBC Asia – Best small bank result 9
Varitronix – An auto recovery play, like Johnson Electric 9
Great Eagle – 1H09 results preview 10
China
Shanghai Prime – Seeing value but not business drivers yet 18
Chemspec – New report: growing with specialty 18
Honghua – New contract with Zhenhua Heavy 19
Lumena – Rationale for license acquisition 19
Korea
Dongkuk Steel – Continued operating loss with depletion of high-priced raw materials 29
Taeyoung E&C – Resilient top-line growth, but profitability depressed by one-off loss 29
Korean Re – Disappointing 1Q results with one-off losses, but earnings quality is still improving 30
CJ Cheiljedang – Talks about tariff lowering; little impact on incumbents 30
Malaysia
Alliance Financial – 1Q FY10 results below expectations due to impairement charges 39
Ta Ann – 1H09 results helped by forex gains 39
Alliance Financial – Key takeaways from investor briefing: focus on capital management 40
Sinagpore
Biosensors – Market share in China increases; prospects of being acquired remain 46
Midas – 2Q09 ahead, rising capacities drive 50%-plus earnings growth in FY10 46
Hong Leong Asia – 2Q09 results – China’s growth priced in 47
Tat Hong – 2Q09 results – only lift from tower cranes 47
Taiwan
Largan – 2Q09 preview: we missed the rerating, but surely the stock is fully valued now; take profit 53
Tripod – Good operating performance likely in the price; uncertainties increase into 4Q09 53
Catcher – 2Q margin helped by one-off tooling income and better opex controls 54
Gemtek – Toning down 3Q09 while upbeat for 4Q09 54
Thailand
TMB Bank – A window of exit opportunity 61
THCOM – Fundamentals and good news very much priced in, risks are not 61
Quality Houses – Continued strong sales and smooth new launch plan equals solid outlook 62