The tales of Davids
Hong Kong
Shun Tak – Share correction overdone –buy on weakness 10
China
TCL – New report: Going out, coming back 17
Shantui – Bulldozer export sales bottom up 17
Indonesia
Sampoerna Agro – Bumper crop in 3Q09, as we had anticipated 24
Korea
Kumho Electric – Lumimicro announces rights offering: taking initial steps to LED transition 28
Megastudy – 3Q09: results in line 28
Busan Bank – 3Q09 results review: positive earnings surprise 29
Cheil Worldwide – Momentum will improve, but potential upside less than before 29
Meritz F&M – Solid 2Q FY10 results 30
Malaysia
Bursa Malaysia – 9M09 results in line: stronger outlook for 4Q driven by structural reforms 39
AirAsia – Beneficiary of more landing rights into Singapore 39
Malaysia Airports – New air-service agreement improves links to Singapore 40
Sinagpore
M1 – 3Q results: largely in line; attractive valuation and yield 46
Taiwan
Gintech – Surprisingly better 3Q09; upgrade to NEUTRAL assuming favourable MEMC contract 52
Chicony – 3Q09 preliminary results – both OPM and net profit are in line with our estimates 52
Kinsus – Good 3Q results in the price; wait for better entry point 53
Richtek – Muted growth momentum in 2009E 53
Thailand
Airports of Thailand – V-shaped recovery solidifies; strong growth prospects ahead 60
Land and Houses – More aggressive new launches next year but limited impact on 2010 earnings 60