文档介绍：Asia Perspectives 22 November 2004
Summary
HONG KONG
PROPERTY DEVELOPERS More conviction, less confusion. Overweight
Adrian Ngan The increased transparency of housing supply should help raise demand on the back of improving economic
fundamentals. We expect more upside in home prices in 2005, fuelling higher earnings and greater NAV
upside for developers. Page 3
TAIWAN
TECHNOLOGY/TFT-LCD Time to look for an entry point. Neutral
Frank Su We upgrade the TFT-LCD sector to Neutral. The PC panel price is close to bottom, and a TV price war is
underway. We expect the cycle to bottom out in late 1Q05, one quarter earlier than originally expected. AUO
is our top pick. Page 5
MALAYSIA
METALS Lion Corp (LION MK)
Choong Wai Kee/Tan Soon Hoe Earnings preview. Outperform – M$
Lion’s 1QFY05 results should confirm a turnaround story, albeit lower than projected due to a much longer
furnace upgrade. Nevertheless, pany is on track to achieve stronger quarterly profit. Page 13
THAILAND
PROPERTY Noble Development (NOBLE TB)
Kasem Prunratanamala Don’t hold your breath. Underperform –
Noble expects profit of Bt381m this year and Bt418m next year, while our forecasts are 39% below for
both years. It will have 302 finished houses at year-end, which would take about a year to sell.
Underperform. Page 16
KEY DATA
Key Buys & Sells Page 20
ing Results Page 21
Recent Rating Changes Page 22
Recent Earnings Revisions Page 23
Top 60 by Market Cap – One Month Price Performance Page 25
(Please refer to the important notice on the back page)
22 November 2004
COMPANY VISIT SCHEDULE
HONG KONG TAIWAN
23 Nov Tuesday K Wah International 22 Nov Monday CMO
23 Nov Tuesday Regal Hotel 22 Nov Monday FET
MALAYSIA 23 Nov Tuesday Novatek
23 Nov Tuesday Tradewinds Corp 24 Nov Wednesday Hannstar
INDONESIA 25 Nov Thursday Optimax
22 Nov Monday Aneka Kimia R