All Industry Agricultural Products Alternative Energy Automobile Automotives Aviation Banking / Finance Conglomerates Consumer / Distirbution Electronics Foods & Beverage Footwear Healthcare Industrials Infrastructure Materials Media Oil & Gas Others Petrochemical Property Retail Technology Telecommunication Textile Toll Roads Transportation Utilities Please specify Baron Sun Kennedy Tsang Kevin Mak SBI Research Please specify Company Report Corporate Flash Corporate Snippet Corporate Visit Hedge Express Initiating Cover IPO Flash Market Flash Morning Meeting Datasheet option6 option7 option8 option9 Quarterly Quarterly Report Please specify BUY SELL NR HOLD Buy from Strong Buy Strong Buy from Buy Strong Buy BUY from HOLD BUY from SELL HOLD from SELL HOLD from BUY SELL from BUY SELL from HOLD Date Company Name Stock# Title Author Type Recom. Action 3/10/2005 HK retail stocks: the party is over ....thanks for the positive rental reversions Raymond Jook Hedge Express SELL 2/24/2009 Weekly Flag 07 Feb 2009-23 Feb 2009 SBI Research Market Flash NR 9/12/2008 China Coal Sector Coal rally’s embers Andes Cheng Company Report NR 8/11/2004 Slowdown in textile machinery imports Austerity measures hit textile investment Raymond Jook Hedge Express NR 8/9/2004 Launch of new product Ideas, ideas and more ideas… Raymond Jook Hedge Express NR 6/9/2004 Centaline Property Agency Hong Kong property outlook Raymond Jook Market Flash NR 8/15/2008 China Medical Sector The stars are aligned Kennedy Tsang Company Report NR 7/16/2004 Hong Kong food & beverage sector update a glance on recent results Carrie Chan Market Flash NR 2/14/2005 China Fire, Tonic, Tianjin Capital, Raymond Industrial, impact of new EU green rules various small cap ideas Raymond Jook Hedge Express NR 2/25/2005 The power of brand BUY brands, SELL retailers into strength Raymond Jook Hedge Express NR 6/28/2004 Luen Thai More than just a garment manufacturer Patricia Yeung Corporate Visit NR 6/21/2004 Telecom sector update Competitive landscape bodes well for equipment manufacturers Carrie Chan Market Flash NR 5/3/2005 Cross-strait theme: winners and losers Chairman Lien brings home more than just pandas Raymond Jook Hedge Express NR 4/24/2009 Cement sector Post results sector recap Kennedy Tsang Corporate Flash NR 9/28/2004 Hong Kong Textile quota FAQs Patricia Yeung Market Flash NR 5/4/2009 Railway Construction Sector Post results sector recap Helena Qiu Corporate Flash NR 5/12/2004 Market Overview Theme piece: who's got the power? Raymond Jook Market Flash NR 5/11/2004 Footwear sector update margin pressure on crude oil price surge Patricia Yeung Market Flash NR 11/20/2006 Embry Holdings Fragmented China lingerie market Jennifer So IPO Flash NR 11/4/2008 Small-to-Mid Caps Time to BUY SBI Research Corporate Flash NR 6/11/2008 Telecoms Sector VAS chain win from restructuring Kennedy Tsang Corporate Visit NR 10/29/2004 China interest rates hikes – first time in nine years Using monetary policy to curb overheating economy Raymond Jook Hedge Express NR 6/9/2009 Theme report Setting up the defense SBI Research Corporate Flash NR 2/15/2006 CMA Logistics first read: solid shareholders background Felix Ho IPO Flash NR 4/22/2008 Value Selection Report Bargain Hunting SBI Research Company Report NR 4/27/2005 Central government cracking down Shanghai property market High profile media coverage means real business Raymond Jook Hedge Express NR 1/26/2006 Natural gas sector impact of price reforms on distributors Benny Lo Market Flash NR 5/14/2004 Where is the beef? Smaller Companies Profile SBI Research Company Report NR 12/4/2008 Cement Sector Looking defensive for 2009 SBI Research Corporate Flash NR 11/3/2008 China Telcos Post restructuring update Kennedy Tsang Corporate Flash NR 11/10/2008 China economy Fiscal stimulus – who wins? SBI Research Corporate Flash NR 11/10/2008 Weekly Flag Report 03/11/2008 – 09/11/2008 SBI Research Corporate Flash NR 10/28/2008 High yield stocks Desire for yield Norman Zhang Corporate Snippet NR 10/15/2004 Melco/Shun Tak Macau euphoria carries on Raymond Jook Hedge Express NR 11/17/2008 Weekly Flag Report 10/11/2008 – 16/11/2008 SBI Research Market Flash NR 11/18/2008 Hong Kong Property Still downside SBI Research Corporate Flash NR 10/27/2008 Weekly Flag Report 20/10/2008 - 27/10/2008 SBI Research Corporate Flash NR 10/24/2008 China Agriculture Sector Favoured by China’s rural reform SBI Research Company Report NR 11/24/2008 Weekly Flag Report 17/11/2008 – 23/11/2008 SBI Research Corporate Flash NR 10/22/2008 Toll expressway Looking for growth/yield balance Kennedy Tsang Corporate Flash NR 10/22/2008 China healthcare Comment on draft consultation Kennedy Tsang Corporate Flash NR 2/9/2009 Weekly Flag (31 Jan 2009 – 06 Feb 2009) SBI Research Market Flash NR 12/1/2008 Weekly Flag Report 24/11/2008 – 31/11/2008 SBI Research Corporate Flash NR 2/2/2009 Weekly Flag 18 Jan 2009 – 30 Jan 2009 SBI Research Corporate Flash NR 10/1/2004 A new new era Smaller Companies Profile SBI Research Company Report NR 12/8/2008 Weekly Flag Report 1/12/2008-7/12/2008 SBI Research Corporate Flash NR 12/15/2008 Weekly Flag Report 08/12/2008 – 14/12/2008 SBI Research Corporate Flash NR 10/13/2008 Defense becomes the best form of offense Defense Strategy Report SBI Research Company Report NR 10/9/2008 Long-term Investment Report 100%+ upside for value investors SBI Research Company Report NR 1/3/2005 New themes for 2005 Hong Hong market strategy Raymond Jook Hedge Express NR 9/30/2004 China Automotive China Auto Forum 2004 Tin Hung Market Flash NR 1/1/2009 2009 Equity Outlook "Opportunities Amid Uncertainties” SBI Research Market Flash NR 1/17/2005 Smaller Companies Profile a pleasant surprise SBI Research Company Report NR 1/20/2009 Weekly Flag 1 Jan 2009 – 17 Jan 2009 SBI Research Market Flash NR 1/23/2009 China Healthcare Sector Fundamentals on the up Kennedy Tsang Corporate Flash NR 5/14/2008 Department Store Sector A consolidation play Norman Zhang Corporate Visit NR 10/22/2008 Weekly Flag Report 13/10/2008 - 19/10/2008 SBI Research Market Flash NR 6/10/2005 Why small caps issue Why small caps issue "toxic" floating CBs? Raymond Jook Hedge Express NR 1/18/2008 China Consumption Sector Sandwiched in the middle Norman Zhang Corporate Snippet NR 1/7/2008 IPO Companies Profile Revealing the beauty SBI Research Company Report NR 4/3/2003 A survey on industrial plays: impact of war and SARS Raymond Jook Market Flash NR 4/4/2003 A survey on Hong Kong consumer plays: impact of SARS Raymond Jook Market Flash NR 5/31/2005 Euro income stocks in trouble French voters' rejection of EU constitution: Euro on downward trend? Raymond Jook Hedge Express NR 1/3/2006 HK/China Market Snapshot 2006 HK/China Market Snapshot Raymond Jook Market Flash NR 7/22/2005 RMB appreciation profound effect on HK consumption/ asset plays Raymond Jook Hedge Express NR 2/21/2008 China Online Games Industry brief Facing challenges Kennedy Tsang Corporate Snippet NR 6/13/2005 U-turn on sentiment? Time to buy textile stocks again Raymond Jook Hedge Express NR 2/11/2008 China Consumption Sector Avoiding the mousetrap SBI Research Company Report NR 1/4/2010 2010 research outline Rainbow after storm SBI Research Corporate Flash NR 11/19/2003 Industry update New quota on US imports from China Patricia Yeung Corporate Snippet NR 7/3/2003 Federal hyper growth Clement Wong Corporate Flash BUY 11/11/2005 Hong Kong Properties winter is already here Raymond Jook Hedge Express NR 6/8/2005 The death of property market?...I don't think so Greenspan speaks...Interest rate cycle peaking out? Raymond Jook Hedge Express NR 9/4/2007 Individual Investment Scheme Alternative proxies to the Individual Investment Scheme Andes Cheng Corporate Snippet NR 7/29/2010 China Wine Getting mad for wine - Second-tier wine plays worthy to be on your radar screen SBI Research Corporate Flash NR 5/1/2005 Smaller Companies Profile Mickey coming to Middle Kingdom SBI Research Company Report NR 9/25/2002 Asia Zirconium (AZ) IPO: Asia Zirconium Clement Wong Corporate Flash NR 9/5/2005 Disney concept/ retail stocks anti-climax Raymond Jook Hedge Express SELL 1/21/2004 Rotary six-fold jump in profit expected SBI Research Corporate Snippet BUY 10/18/2007 China healthcare/pharmaceuticals Vital signs for growth Kennedy Tsang Please specified NR 12/21/2005 China GDP powered by services industry Raymond Jook Hedge Express NR 7/9/2010 Solar Photovoltaic Sector Stronger-than-expected Q2 condition Kevin Mak Corporate Flash NR 1/26/2004 Rotary Engineering S$174m mainland orders on hand SBI Research Corporate Snippet BUY 1/3/2003 Small cap strategy 2003 Top Picks Raymond Jook Market Flash NR 6/6/2003 Market Flash 0 Hong Kong Eyewear - Sector update Carmen Tang Market Flash NR 10/17/2002 Grandtop International 0 New issue Patricia Yeung Please specified NR 12/12/2002 Market Flash 0 the genuine growth engine Raymond Jook Market Flash NR 10/4/2002 Market Flash 0 Theme Piece Raymond Jook Market Flash NR 7/2/2003 Federal 0 moving up the value chain Clement Wong Corporate Visit NR 11/8/2002 Hong Kong retail 0 September 2002 HK retail sales - still in the doldrums Patricia Yeung Market Flash NR 10/7/2004 New World 17 The end of the world? Raymond Jook Hedge Express SELL 1/10/2005 New World 17 absolutely chaotic - Retail buyers and agents queuing up hours for nothing Raymond Jook Hedge Express NR 12/13/2005 New World 17 rerating/restructuring hope is over Raymond Jook Hedge Express SELL 10/19/2005 Hong Kong Media 18 market consolidation looming Clement Wong Market Flash NR 9/20/2005 K Wah Cons / K Wah Int'l and Shun Tak 27 173 242 Pair trade: LONG K Wah Cons (27 HK)/ SHORT K Wah Int'l (173 HK) and Shun Tak (242 HK) Raymond Jook Hedge Express NR 5/13/2005 Cross Harbour 32 beefing up Felix Ho Corporate Visit NR 2/21/2005 Cross Harbour 32 the best of both worlds Raymond Jook Corporate Visit NR 3/24/2004 Elec & Eltek 33 riding on up-cycle Clement Wong Corporate Flash BUY 8/24/2004 Elec & Eltek 33 FY6/04 results review Clement Wong Corporate Snippet HOLD downgraded from BUY 1/5/2004 Elec & Eltek 33 rebounding Clement Wong Corporate Visit NR 9/8/2005 Kowloon Development 34 on track Felix Ho Corporate Flash BUY 9/1/2005 Kowloon Development 34 1H FY12/05 results preview Felix Ho Corporate Snippet BUY 4/1/2004 Kowloon Development 34 20% EPS growth through to 2008! Carmen Tang Corporate Flash BUY 10/19/2005 Kowloon Development 34 acquisition seems costly Felix Ho Corporate Flash HOLD downgraded from BUY 10/12/2004 Kowloon Development 34 with a strong Macau root Tin Hung Corporate Flash BUY 6/14/2005 Kowloon Development 34 more than just a Macau play Felix Ho Corporate Flash BUY 11/24/2003 Kowloon Development 34 company update Carmen Tang Corporate Snippet BUY 1/9/2004 Kowloon Development 34 a Macau concept stock in the making Raymond Jook Corporate Snippet BUY 10/25/2004 Kowloon Development 34 acquisition of retail property Tin Hung Corporate Snippet BUY 7/4/2005 Kowloon Development 34 train for Kennedy Town is approaching Felix Ho Corporate Snippet BUY 9/24/2003 Kowloon development 34 hidden jewel Carmen Tang Corporate Flash BUY 2/2/2006 Kowloon Development 34 discontinuing research coverage Raymond Jook Corporate Snippet NR 3/4/2005 Far East Consortium 35 harvest time SBI Research Corporate Visit NR 7/18/2005 Far East Consortium 35 rocks in Shanghai and rolls in Macau Felix Ho Corporate Snippet NR 2/3/2004 Far East Consortium 35 HK$2b profit arising from California Garden Carmen Tang Corporate Snippet NR 12/27/2002 Gold Peak 40 debt restructuring first and foremost Clement Wong Company Visit NR 8/25/2003 Gold Peak 40 company update Clement Wong Corporate Snippet NR 2/19/2002 computer & technologies 46 turing red Crystal Wu Corporate Flash SELL 10/15/2001 Computer & Technologies 46 sell into strength Crystal Wu Corporate Flash SELL 9/6/2001 Computer & Technologies 46 not at bottom yet Crystal Wu Corporate Flash SELL 2/22/2007 EganaGoldpfeil 48 1H FY05/07A results review Ada Chua Corporate Snippet BUY 1/9/2007 EganaGoldpfeil 48 Luxury goods boom Ada Chua Corporate Snippet BUY 7/13/2007 EganaGoldpfeil 48 Global luxury goods boom Ada Chua Corporate Snippet BUY 8/24/2006 EganaGoldpfeil 48 Time to take off Ada Chua Corporate Flash BUY 5/10/2005 EganaGoldpfeil 48 multi-brand owner Carrie Chan Corporate Visit NR 9/29/2006 EganaGoldpfeil 48 Firing all cylinders Ada Chua Corporate Snippet BUY 8/8/2007 EganaGoldpfeil 48 Discontinuing research coverage Ada Chua Corporate Snippet NR 7/13/2005 Fairwood 52 better than expected results Carrie Chan Corporate Snippet NR 12/13/2004 Fairwood 52 right strategy Carrie Chan Corporate Visit NR 5/20/2005 Fairwood 52 company update Carrie Chan Corporate Snippet NR 12/17/2008 Fairwood 52 Defensive and oversold Ludovic de Richecour Corporate Visit NR 11/9/2004 Fairwood 52 a turnaround story Carrie Chan Corporate Visit NR 10/18/2002 Guoco 53 Guoco Results Review Raymond Jook Corporate Flash NR 11/22/2002 Guoco 53 M&A driven Raymond Jook Corporate Flash NR 12/1/2003 Chen Hsong 57 interim results review Carmen Tang Corporate Snippet HOLD downgraded from BUY 7/13/2004 Chen Hsong 57 uncertainties ahead Carrie Chan Corporate Snippet HOLD 12/5/2006 Chen Hsong 57 New technologies driving growth E Wuen Tan Corporate Snippet NR 7/16/2003 Chen Hsong 57 larger tonnage machines to drive growth Carmen Tang Corporate Flash BUY 1/16/2003 Chen Hsong 57 leads the industrial boom Carmen Tang Corporate Flash BUY 11/28/2005 Chen Hsong 57 no immediate sign of recovery Clement Wong Corporate Snippet NR 1/2/2003 Chen Hsong 57 shaping up Carmen Tang Corporate Flash NR 1/13/2006 Chen Hsong 57 the worst is over Clement Wong Corporate Visit NR 12/1/2004 Chen Hsong 57 a cloud over good interims Tin Hung Corporate Flash NR 7/14/2005 Chen Hsong 57 FY3/05 results preview Felix Ho Corporate Snippet NR 7/24/2006 Chen Hsong 57 Strong FY3/07 in the making Kennedy Tsang Corporate Snippet NR 7/20/2005 Chen Hsong 57 analysts meeting update Clement Wong Corporate Snippet NR 10/8/2004 Regal Hotel 78 conference call update Tin Hung Corporate Snippet NR 7/12/2005 Regal Hotels 78 diversifying into Beijing Felix Ho Corporate Snippet NR 7/7/2005 Regal Hotels 78 fairly valued Felix Ho Corporate Visit NR 5/30/2008 Shaw Brothers 80 TVB stake catalyst for re-rating? Kennedy Tsang Corporate Snippet NR 6/3/2009 VODone 82 Internet, mobile lottery combo play Kennedy Tsang Corporate Flash NR 7/5/2002 Clear Media Ltd 100 acquisition to Guangzhou advertising panels Peter Chu Corporate Flash NR 6/3/2002 Clear Media Ltd 100 Company Visit Note Peter Chu Corporate Flash NR 8/13/2002 Clear Media Ltd 100 Cessation of merger talk with MediaNation Peter Chu Corporate Flash BUY 4/19/2005 Shougang Century 103 suffering from decreasing margins Emma Liu Corporate Flash SELL downgraded from BUY 7/22/2005 Shougang Century 103 the worst going to end Emma Liu Corporate Snippet HOLD upgraded from SELL 7/24/2006 Shougang Century 103 Margin recovery in sight Kennedy Tsang Corporate Snippet NR 2/11/2004 Shougang Concord Century 103 oligopoly position Raymond Jook Corporate Flash BUY 5/31/2007 Shougang Century 103 Resolve to grow E Wuen Tan Corporate Visit NR 4/12/2005 Shougang Centrury 103 FY12/04 results preview Emma Liu Corporate Snippet BUY 4/21/2004 Shougang Century 103 positive outlook Raymond Jook Corporate Flash BUY 3/9/2005 Shougang Centrury 103 company visit update Emma Liu Corporate Snippet BUY 9/15/2005 Shougang Century 103 discontinuing research coverage Raymond Jook Corporate Snippet NR 9/22/2004 Shougang Century 103 interim results highlights Raymond Jook Corporate Snippet BUY 12/14/2004 Shougang Century 103 roadshow update Emma Liu Corporate Snippet BUY 7/25/2003 Herald 114 a mini industrial conglomerate Carmen Tang Corporate Visit NR 2/11/2004 Chia Tai 121 transforming into retail Patricia Yeung Corporate Visit NR 3/11/2004 Chia Tai 121 a new era Patricia Yeung Corporate Visit NR 1/17/2006 Crocodile 122 appraised NAV is worth HK$1.29 Raymond Jook Hedge Express NR 1/27/2005 Crocodile 122 super under-valued from asset point of view Raymond Jook Hedge Express NR 1/3/2005 Crocodile 122 hunting season Patricia Yeung Corporate Visit NR 7/7/2003 Sun Hing Vision 125 results in line Carmen Tang Corporate Flash HOLD 11/29/2002 Sun Hing Vision 125 beating its bigger rivals Carmen Tang Corporate Flash BUY 12/15/2003 Sun Hing 125 interim results review Carmen Tang Corporate Snippet BUY upgraded from HOLD 7/9/2002 Sun Hing Vision 125 on track Renee Tai Corporate Flash HOLD 11/19/2002 Sun Hing Vision 125 small is beautiful Carmen Tang Corporate Flash NR 5/7/2002 Sun Hing Vision 125 carving a niche Renee Tai Corporate Flash BUY 4/30/2002 Sun Hing Vision 125 Company Visit Note Renee Tai Corporate Flash NR 3/19/2003 Sun Hing Vision 125 growth momentum slowing Carmen Tang Corporate Flash HOLD 11/21/2003 Sun Hing 125 company update Carmen Tang Corporate Snippet HOLD 12/16/2002 Sun Hing Vision 125 more upside potential Carmen Tang Corporate Flash BUY 1/19/2005 Asia Standard 129 deep discount to NAV Tin Hung Corporate Visit NR 8/15/2003 Moiselle 130 a high-end retailer Patricia Yeung Corporate Visit NR 9/19/2001 China Merchants 144 Good growth and defensive Raymond Jook Corporate Flash BUY 8/30/2006 Kingboard 148 Vertical integration drives margins Kennedy Tsang Corporate Flash BUY 2/17/2003 Kingboard 148 product prices bottoming out Clement Wong Corporate Flash HOLD upgraded from SELL 9/16/2003 Kingboard Chemical 148 1H FY12/03 results review Clement Wong Corporate Snippet HOLD 1/14/2002 kingboard chemical 148 synergy from vertical integration Crystal Wu Corporate Flash BUY 10/7/2002 Kingboard 148 no near-term benefit from acquisition Clement Wong Corporate Flash SELL 3/23/2005 Kingboard Chemical 148 FY12/04 results preview Clement Wong Corporate Snippet BUY 9/5/2005 Kingboard 148 1H FY12/05 results preview Clement Wong Corporate Snippet HOLD 11/3/2006 Kingboard 148 More details on laminates spin-off Kennedy Tsang Corporate Snippet BUY 5/10/2002 kingboard chemical 148 earnings and target price upgrades Crystal Wu Corporate Flash BUY 12/7/2001 kingboard chemical 148 industry outperformer Crystal Wu Corporate Flash BUY 9/30/2002 Kingboard 148 Company Update Clement Wong Corporate Flash SELL 7/12/2005 Kingboard Chemical 148 more fundraising? Clement Wong Corporate Snippet HOLD 10/15/2004 Kingboard Chemical 148 a win-win-win deal Clement Wong Corporate Flash BUY upgraded from HOLD 3/17/2004 Kingboard Chemical 148 FY12/03 results preview Clement Wong Corporate Snippet HOLD 3/27/2003 Kingboard 148 rising gearing poses concern Clement Wong Corporate Flash HOLD 2/23/2006 Kingboard 148 M&A synergies kicking in Clement Wong Corporate Flash BUY upgraded from HOLD 3/19/2004 Kingboard Chemical 148 FY12/03 results review Clement Wong Corporate Snippet HOLD 1/8/2002 kingboard chemical 148 re-rating on the way Crystal Wu Corporate Flash BUY 3/4/2002 kingboard chemical 148 solid order book Crystal Wu Corporate Flash BUY 11/29/2002 Kingboard 148 margins still under pressure Clement Wong Corporate Flash SELL 8/17/2004 Kingboard Chemical 148 1H FY12/04 results review Clement Wong Corporate Snippet HOLD 9/9/2005 Kingboard 148 1H FY12/05 results review Clement Wong Corporate Snippet HOLD 1/30/2002 kingboard chemical 148 positive order momentum Crystal Wu Corporate Flash BUY 3/31/2005 Kingboard Chemical 148 rising risks Clement Wong Corporate Flash HOLD downgraded from BUY 9/18/2002 Kingboard 148 Company Update Clement Wong Corporate Flash SELL 2/21/2007 Shenzhen International 152 The stars are aligned Kennedy Tsang Corporate Flash HOLD downgraded from BUY 8/2/2006 Shenzhen International 152 An emerging logistics play Kennedy Tsang Corporate Flash BUY 9/27/2006 Shenzhen International 152 Slight CSG dilution no impact on fundamentals Kennedy Tsang Corporate Snippet BUY 9/7/2006 Shenzhen International 152 Taking the right steps Kennedy Tsang Corporate Flash BUY 5/16/2006 China Solar 155 alternative energy play Benny Lo Corporate Snippet NR 8/29/2006 Natural Beauty 157 China growth on track Jennifer So Corporate Snippet BUY 4/20/2007 Natural Beauty 157 Growth momentum intact Jennifer So Corporate Snippet BUY 11/26/2008 Natural Beauty 157 Privatisation offer not attractive Kennedy Tsang Corporate Flash HOLD downgraded from BUY 9/13/2006 Natural Beauty 157 Surprises on the upside Jennifer So Corporate Snippet BUY 1/27/2006 Natural Beauty 157 cost savings offset lower sales Carrie Chan Corporate Snippet BUY 9/26/2008 Natural Beauty 157 Positive stance maintained Kennedy Tsang Corporate Flash BUY 9/13/2005 Natural Beauty 157 a high payout stock Carrie Chan Corporate Snippet NR 4/17/2009 Natural Beauty 157 Tough year ahead Kennedy Tsang Corporate Flash HOLD downgraded from BUY 4/13/2006 Natural Beauty 157 on track Jennifer So Corporate Snippet BUY 10/18/2007 Natural Beauty Bio-Tech 157 Growth spurt Ada Chua Corporate Flash BUY 4/14/2008 Natural Beauty 157 Sustainable growth ahead Kennedy Tsang Corporate Flash NR 11/29/2007 Natural Beauty 157 New key executives on board Catherine Hua Corporate Flash NR 6/20/2005 Natural Beauty 157 a new image Patricia Yeung Corporate Visit NR 11/9/2005 Natural Beauty 157 in the eye of the beholder Carrie Chan Corporate Flash BUY 3/10/2003 Natural Beauty 157 aggressive expansion Patricia Yeung Company Visit NR 2/28/2005 Hon Kwok Land 160 ready for re-valuation Tin Hung Corporate Visit NR 6/30/2008 CATIC Shenzhen 161 Proxy to heating potash market Norman Zhang Corporate Visit NR 9/5/2001 China Everbright 165 Dead money Raymond Jook Corporate Flash SELL 9/29/2005 IDT 167 still a sell Clement Wong Corporate Snippet SELL 8/11/2005 IDT 167 a dismal year ahead Clement Wong Corporate Flash SELL 5/22/2003 IDT 167 beneficiary of Euro strength Clement Wong Corporate Flash BUY 11/9/2004 IDT 167 1H FY3/05 results preview Clement Wong Corporate Snippet BUY 1/5/2006 IDT 167 worst is not over yet Clement Wong Corporate Snippet SELL 2/1/2005 IDT 167 3Q FY3/05 results preview Clement Wong Corporate Snippet HOLD 4/20/2005 IDT 167 profit warning Clement Wong Corporate Flash HOLD 5/21/2004 IDT 167 FY3/04 results preview Clement Wong Corporate Visit BUY 2/27/2004 IDT 167 re-rates further on brand premium Clement Wong Corporate Flash BUY 5/31/2004 IDT 167 OBM transformation a proven success Clement Wong Corporate Flash BUY 2/2/2006 IDT Int'l 167 discontinuing research coverage Raymond Jook Corporate Snippet NR 5/9/2005 IDT 167 4th cut in 6 months Clement Wong Corporate Flash SELL downgraded from HOLD 11/20/2003 IDT 167 interim results preview Clement Wong Corporate Snippet BUY 5/23/2005 IDT 167 FY3/05 results preview Clement Wong Corporate Snippet SELL 11/9/2005 IDT 167 1H FY3/06 expected to be loss-making Clement Wong Corporate Snippet SELL 11/28/2003 IDT 167 interim results review Raymond Jook Corporate Snippet BUY 2/7/2005 IDT 167 margin pressure continues Clement Wong Corporate Flash HOLD 5/30/2005 IDT 167 further de-rating expected Clement Wong Corporate Flash SELL 8/27/2003 IDT 167 1Q FY3/04 results review Clement Wong Corporate Snippet BUY 11/12/2004 IDT 167 take a break Clement Wong Corporate Flash HOLD downgraded from BUY 11/11/2005 IDT 167 all hell breaks loose Clement Wong Corporate Flash SELL 8/13/2004 IDT 167 1Q FY3/05 results on track Clement Wong Corporate Snippet BUY 6/23/2003 IDT 167 attractive yield Clement Wong Corporate Flash BUY 1/8/2004 IDT 167 company update Clement Wong Corporate Snippet BUY 3/11/2002 IDT 167 Plant Visit Note Raymond Jook Corporate Flash NR 1/20/2003 IDT 167 building up a global brand Clement Wong Corporate Flash BUY 3/14/2002 IDT International 167 US cyclical recovery laggard Raymond Jook Corporate Flash BUY 12/20/2002 IDT 167 re-rating on the way Clement Wong Corporate Flash BUY 8/3/2001 Tsingtao Brewery's 168 Tour of Qingdao: Part IV Raymond Jook Corporate Flash NR 12/20/2004 Silver Grant 171 a true asset play Emma Liu Corporate Visit NR 12/24/2007 Goldbond 172 Stellar interim results Andes Cheng Corporate Snippet STRONG BUY 8/10/2007 Goldbond Group 172 Niche play in China financial market Andes Cheng Corporate Flash STRONG BUY 9/7/2007 Goldbond Group 172 A good deal Andes Cheng Corporate Snippet STRONG BUY 5/16/2008 Goldbond Group 172 At expansion stage Andes Cheng Corporate Flash STRONG BUY 7/15/2008 Goldbond Group 172 Stellar FY03/08A results Andes Cheng Corporate Snippet STRONG BUY 1/2/2004 K Wah Int'l 173 cashing in prime locations Carmen Tang Corporate Flash BUY 1/28/2004 K. Wah 173 hot demand for Shanghai properties Carmen Tang Corporate Snippet BUY 3/7/2005 K. Wah Int'l 173 trading buy on early CB conversion Raymond Jook Hedge Express BUY 4/19/2004 K. Wah Int'l 173 fully valued Carmen Tang Corporate Flash HOLD downgraded from BUY 6/26/2003 Sa Sa 178 rebounding after SARS Patricia Yeung Corporate Flash BUY 8/26/2003 Sa Sa 178 earnings upgrade Patricia Yeung Corporate Snippet BUY 10/2/2003 Sa Sa 178 company update Patricia Yeung Corporate Snippet BUY 11/10/2003 Sa Sa 178 interim results preview Patricia Yeung Corporate Snippet BUY 12/1/2005 Sa Sa 178 rental hikes hurt Carrie Chan Corporate Snippet SELL downgraded from HOLD 6/22/2005 Sa Sa 178 FY3/05 results preview Patricia Yeung Corporate Snippet HOLD 1/27/2004 Sa Sa 178 recommendation downgrade Patricia Yeung Corporate Snippet HOLD downgraded from BUY 5/6/2003 Giordano, Sa Sa, Esprit, Glorious Sun 178 Hong Kong / China Retail - SARS impact Patricia Yeung Market Flash NR 6/30/2005 Sa Sa 178 FY3/05 results review Patricia Yeung Corporate Snippet HOLD 11/27/2002 Sa Sa 178 a cash rich retailer Patricia Yeung Company Visit NR 12/10/2003 Sa Sa 178 interim results review Patricia Yeung Corporate Snippet BUY 12/4/2006 Sa Sa 178 Losses from PRC market narrowing Jennifer So Corporate Snippet BUY upgraded from HOLD 12/11/2002 Sa Sa 178 looks rule Patricia Yeung Corporate Flash BUY 10/6/2006 Sasa 178 Awaiting catalysts from the PRC market Jennifer So Corporate Snippet HOLD 11/30/2004 Sa Sa 178 making life beautiful Patricia Yeung Corporate Flash HOLD 3/10/2003 Sa Sa 178 the most fairy of all Raymond Jook Corporate Flash BUY 7/6/2006 Sa Sa 178 >100% dividend payout Jennifer So Corporate Snippet HOLD upgraded from SELL 4/13/2004 Sa Sa 178 rich valuation Patricia Yeung Corporate Snippet SELL downgraded from HOLD 6/29/2004 Sa Sa 178 positive surprises Patricia Yeung Corporate Flash HOLD upgraded from SELL 6/14/2005 Johnson Electric 179 depends on cost savings Felix Ho Corporate Snippet HOLD 6/7/2005 Johnson Electric 179 FY3/05 results preview Felix Ho Corporate Snippet HOLD upgraded from SELL 6/7/2002 Johnson Electric 179 FY02F results preview Renee Tai Corporate Flash SELL 12/6/2006 Johnson Electric 179 Earnings visibility remains low Andes Cheng Corporate Snippet NR 6/15/2004 Johnson Electric 179 doubling sales in 4 years Carmen Tang Corporate Flash BUY 12/6/2004 Johnson Electric 179 de-rating Tin Hung Corporate Flash SELL 6/12/2002 Johnson Electric 179 below expectations Renee Tai Corporate Flash SELL 12/6/2005 Johnson Electric 179 not out of the woods yet Benny Lo Corporate Flash SELL 12/12/2001 Johnson Electric 179 still struggling Renee Tai Corporate Flash SELL 6/8/2004 Johnson Electric 179 benefits from commodity down cycle Carmen Tang Corporate Flash BUY 10/27/2005 Heng Tai 197 more than just a trading firm Carrie Chan Corporate Visit NR 4/15/2004 Heng Tai 197 consumer goods distributor Carmen Tang Corporate Visit NR 2/4/2003 Heng Tai 197 premium fruits to drive growth Carmen Tang Company Visit NR 10/14/2004 Melco Int'l 200 at top of gaming food chain Raymond Jook Corporate Visit NR 3/4/2002 Denway Motors 203 harvest time now Peter Chu Corporate Flash HOLD 5/7/2002 Denway Motors 203 satisfactory response to Odyssey launch Peter Chu Corporate Flash HOLD 4/12/2002 Denway Motors 203 finals below expectations Peter Chu Corporate Flash HOLD 4/8/2002 Denway Motors 203 robust finals expected Peter Chu Corporate Flash HOLD 3/12/2002 Denway Motors 203 uninspiring February unit sales Peter Chu Corporate Flash HOLD 2/28/2002 Denway Motors 203 potential tax rebates spur turnover Peter Chu Corporate Flash BUY 2/20/2002 Denway Motors 203 seasonal january sales figures Peter Chu Corporate Flash BUY 2/4/2002 Denway Motors 203 upside outweighs downside Peter Chu Corporate Flash BUY 4/3/2002 Denway Motors 203 more focus on core business Peter Chu Corporate Flash HOLD 10/8/2001 Denway Motors 203 fairly priced Peter Chu Corporate Flash HOLD 12/7/2001 Denway Motors 203 slowdown in November unit sales Peter Chu Corporate Flash HOLD 3/10/2004 SEEC Media 205 earnings upgrades Clement Wong Corporate Flash BUY 9/15/2005 SEEC Media 205 discontinuing research coverage Raymond Jook Corporate Snippet NR 11/10/2005 SEEC Media 205 launching PC Magazine Clement Wong Corporate Snippet NR 1/3/2005 SEEC Media 205 misinterpretation of announcement by newspapers Clement Wong Corporate Snippet BUY 8/25/2004 SEEC Media 205 1H FY12/04 results preview Clement Wong Corporate Snippet BUY 11/8/2004 SEEC Media 205 disposal of China Business Post Clement Wong Corporate Snippet BUY 12/16/2003 SEEC Media 205 a taste of PRC's publication market Clement Wong Corporate Visit NR 2/25/2004 SEEC Media 205 final results review Clement Wong Corporate Snippet BUY 2/23/2004 SEEC Media 205 China's new media empire Clement Wong Corporate Flash BUY 4/12/2005 SEEC Media 205 short of revenue guidance Clement Wong Corporate Flash HOLD downgraded from BUY 8/27/2004 SEEC Media 205 better than expected results Clement Wong Corporate Flash BUY 4/6/2005 SEEC Media 205 FY12/04 results preview Clement Wong Corporate Snippet BUY 11/23/2004 Polytec 208 Macau commercial properties on hand Tin Hung Corporate Visit NR 6/6/2003 Sewco 209 focusing on OEM Carmen Tang Corporate Visit NR 4/21/2006 Prime Success 210 still on track but valuation looks stretched Jennifer So Corporate Snippet HOLD downgraded from BUY 9/23/2005 Prime Success 210 on track Felix Ho Corporate Flash BUY 12/31/2008 Daphne 210 Value shopping Norman Zhang Corporate Snippet NR 4/25/2007 Prime Success 210 Sales dilution despite margin improvement Jennifer So Corporate Snippet HOLD downgraded from BUY 9/20/2005 Prime Success 210 1H FY12/05 results preivew Felix Ho Corporate Snippet BUY 4/25/2005 Prime Success 210 brand power Patricia Yeung Corporate Flash BUY 11/20/2003 Prime Success 210 lady shoes leader Patricia Yeung Corporate Snippet NR 8/23/2006 Prime Success 210 Expansion on track Jennifer So Corporate Snippet HOLD 9/24/2004 Prime Success 210 re-rate on robust Daphne sales Patricia Yeung Corporate Flash BUY 8/10/2004 Prime Success 210 Chinese ladies' best friend Patricia Yeung Corporate Visit NR 9/14/2006 Prime Success 210 Growing brand premium Jennifer So Corporate Snippet BUY upgraded from HOLD 5/23/2002 Kenfair 223 Re-rating not over yet Raymond Jook Corporate Flash BUY 5/10/2002 Kenfair 223 Highly visible and profitable business Raymond Jook Corporate Flash BUY 6/3/2002 Kenfair 223 Unjustifiable investment Raymond Jook Corporate Flash SELL 7/20/2005 Raymond Industrial 229 cigarette paper JV finally agreed Raymond Jook Corporate Snippet NR 6/1/2005 Raymond Industrial 229 turnaround in 2006 Felix Ho Corporate Visit NR 6/22/2005 Raymond Industrials 229 short-term pain, long-term gain Felix Ho Corporate Snippet NR 4/29/2005 Raymond Industrial 229 conference call update Raymond Jook Corporate Snippet NR 8/9/2005 Raymond Industrial 229 investment property for sale Raymond Jook Corporate Snippet NR 3/10/2005 Raymond Industrial 229 Raymond's pick Raymond Jook Corporate Visit NR 4/27/2007 Mingyuan 233 Thanks Doc, no cancer - Not Rated Kennedy Tsang Corporate Visit NR 2/27/2004 Shanghai Ming Yuan 233 acquisitions to drive growth Patricia Yeung Corporate Snippet BUY 3/26/2002 Shun Tak 242 Subscribe for the rights Raymond Jook Corporate Flash BUY 11/10/2004 Shun Tak 242 No kidding! Raymond Jook Hedge Express SELL 11/22/2002 Shun Tak 242 asset swaps prelude to Macau gaming? Raymond Jook Corporate Flash BUY 3/27/2003 Shun Tak 242 earnings heading south Raymond Jook Corporate Flash SELL 9/15/2004 Shun Tak 242 Minority shareholders losing out Raymond Jook Hedge Express NR 2/18/2002 Shun Tak 242 Company Visit Note Raymond Jook Corporate Flash NR 2/22/2002 Shun Tak 242 A brave new world Raymond Jook Corporate Flash BUY 4/25/2002 Shun Tak 242 final results encouraging Raymond Jook Corporate Flash BUY 9/19/2003 Shun Tak 242 interim results review Raymond Jook Corporate Snippet SELL 4/15/2002 Shun Tak 242 Very visible cash inflow Raymond Jook Corporate Flash BUY 2/27/2002 Shun Tak 242 Deep discount unjustifiable Raymond Jook Corporate Flash BUY 11/8/2004 Shun Tak 242 Not exactly a sweet deal Raymond Jook Hedge Express SELL 11/12/2001 QPL 243 remains cautious Crystal Wu Corporate Flash HOLD 11/29/2001 QPL 243 significant quarterly loss at ASAT Crystal Wu Corporate Flash HOLD 2/5/2003 QPL 243 debt refinancing Clement Wong Company Visit NR 1/28/2002 QPL 243 interims worse than expected Crystal Wu Corporate Flash HOLD 11/15/2001 QPL 243 tightening cash flow Crystal Wu Corporate Flash HOLD 9/21/2001 QPL 243 not tempted by recent share price slump Crystal Wu Corporate Flash SELL 3/1/2002 QPL 243 asat's 3Q results Crystal Wu Corporate Flash HOLD 5/6/2008 China Seven Star 245 Correction year ahead Kennedy Tsang Corporate Flash SELL downgraded from HOLD 1/9/2007 China Seven Star Shopping 245 Improving corporate governance Kennedy Tsang Corporate Snippet NR 12/14/2006 China Seven Star Shopping 245 Scaling up air time Kennedy Tsang Corporate Snippet NR 1/30/2007 China Seven Star 245 Budding TV home shopping star Kennedy Tsang Corporate Flash BUY 10/18/2006 Landune 245 Gems TV provides valuation benchmark Kennedy Tsang Corporate Snippet NR