亚洲地区投资日报(20041110).pdf

See page 9 for Analyst Certification and Important Disclosures


Asia Pacific Daily 10 November 2004

Banks—FROTH update: Introducing Pair Corner
Trades John Caparusso has some ideas for those unwilling to take a Norelco Centreline—
Don’t get tempted by the
directional view. His team’s FROTH model highlights valuation
sharp price decline yet,
discrepancies for relative performance pair trades - page 3
says Horng Han Low,
Contrarian who has the only Sell on
Telekom Malaysia^—TSA harvest should this small-cap. He lowers
reignite special div expectations and the stock remains estimates on further
Anand Ramachandran’s preferred pick in Malaysia over Maxis. Yield expected revenue and
could go to 4%-5% - page 3 margin weakness.
Details page 5
Hanjin Shipping^ — On track for great FY04E; 105
Top Calls 100
3Q healthy bottom line = Upward consensus 95
90
Charles de Trenck leaves his above-consensus 04E numbers intact. Hanjin 85
80

will be at our Korea Corporate Day (details below) next week - page 4 75
70
11 13 15 19 21 25 27 29 02 04 08
Oct Nov
Share Price (Left Axis)
Rel. to GSPC (Right Axis)

Korea Malaysia Mini Globaliser
SK Corp Hong Leong Bank (Not Rated)
'We have reviewed Prudential's
Sovereign goes to court over EGM. As part of Robert Kong’s consolidation
Asia growth story', regales
The court will now decide to 1) throw theme he tracks the smaller banks.
European Insurance analyst
out SAM’s case — basically ask to Hong Leong’s results suggest price Andrew Crean, 'and reaffirm: (1)
wait for March AGM 2) Order SK petition is fierce in key consumer the resumption of strong life
to call the EGM as requested by segments. P6 assurance growth (20%+) from
SAM. Sameer Kakakhel weighs the now on; (2) Asia should start to
arguments P5 India return cash to the group from 2007;
Mahindra & Mahindra and (3) the Asian fund
Singapore MoU with Jiang