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CHINA HONGXING, cimb maintain OUTPERFORM with target price $0.4($0.53)

CHINA TAISAN, daiwa maintain BUY with target price $0.24

FIBRECHEM, dbs downgrade to HOLD with target price $0.28($0.32)

FRASERS COMMERCIAL TRUST, jpm maintain NEUTRAL with target price $0.36
($0.83)

HI-P, csfb maintian OUTPERFORM with target price $0.82
HI-P, nom maintain NEUTRAL

HOUR CLASS, uob downgrade to HOLD with target price $0.54($1.19)

IFS CAPITAL, dmg maintain NEUTRAL with target price $0.43

KEPPEL CORP, csfb maintain NEUTRAL with target price $7.10($7)

KEPPEL LAND, jpm maintain UNDERPERFORM with target price $1.56($3.50)

NOBLE, csfb maintian OUTPERFORM with target price $3.45

OCBC, cimb maintain UNDERPERFORM with target price $5.50
OCBC, citi maintain SELL with target price $4.80($6)
OCBC, cl maintain UNDERPERFORM with target price $5.90($8)
OCBC, csfb maintain NEUTRAL with target price $5($8)
OCBC, db maintian HOLD with target price $5.70
OCBC, dbs maintain HOLD with target price $4.40
OCBC, dmg maintain BUY with target price $6.80
OCBC, jpm maintain NEUTRAL with target price $6.50
OCBC, mac maintain OUTPERFORM With target price $7.56
OCBC, nom maintain NEUTRAL
OCBC, uob maintian HOLD with target price $5.4($5.66)

OLAM, csfb maintain OUTPERFORM with target price $3.65

SEMBCORP MARINE, citi maintain HOLD with target price $2.50($2.85)
SEMBCORP MARINE, csfb maintain NEUTRAL with target price $2.80($2.70)
SEMBCORP MARINE, dbs maintain BUY with target price $2.50($2.26)

SIA, ubs maintain BUY with target price $20

STARHUB, cimb upgrade to NEUTRAL with target price $2.50
STARHUB, citi maintain BUY with target price $2.65
STARHUB, cl maintain OUTPERFORM with target price $2.95
STARHUB, csfb maintian NEUTRAL with target price $2.38
STARHUB, daiwa maintain OUTPERFORM with target price $2.94
STARHUB, db maintain BUY with target price $3.3
STARHUB, dbs maintain FULLY VALUED with target price $2.34
STARHUB, jpm maintain OVERWEIGHT with target price $3($3.50)
STARHUB, ms maintain OVERWEIGHT with target price $3.20
STARHUB, nom maintain NEUTRAL with target price $2.50
STARHUB, ocbc maintain BUY with target price $2.81($3.19)
STARHUB, ubs maintain BUY with target price $2.80($3.10)

UOL, cimb maintain UNDERPERFORM with target price $2.02($2.16)
UOL, cl maintain OUTPERFORM with target price $3.06
UOL, dbs maintain FULLY VALUED with target price $1.90($1.95)
UOL, ocbc maintain BUY with target price $2.88($3.83)

VENTURE, ubs upgrade to BUY with target price $9($11)

CHINA HONGXING, dbs maintain BUY with target price $0.55($0.9)
-Story We believe current valuations for China Hongxing are at an
attractive level for investors to accumulate for a leading China
domestic
sports brand, as it continues to expand its distribution network and
strengthen its brand.
-Point China Hongxing recently reported a good set of results where
bottom
line grew by 31% yoy to RMB118m on top line growth of 53% yoy to
RMB685m.
At halftime, net profit is up by 38% yoy to RMB232m on revenue growth
of
48% yoy to RMB1,334m. The robust top and bottom line growth was led by
the
expansion of the Group¡¦s retail network to 3,648 points-of-sales from
c.
3,000 a year ago and 3,440 in 1Q08, which helped underpin strong volume
growth across all segments (>50% for Shoes and >150% for both Apparel
and
Accessories). Looking ahead, we believe the Group is expanding its
distribution network quickly enough to capture more market share and
keep
its growth momentum going. We are projecting c. 30% earnings CAGR over
the
next 2 years for China Hongxing.
-Relevance At less than 10x FY08 and just over 7x FY09 PER, CHHS is
trading
at less than half that of Li Ning, currently at c. 25x FY08 and 19x
FY09
earnings. This valuation gap should narrow as CHHS continues to deliver
on
earnings. Maintaining our 20% discount to HK-listed peers, which are
currently trading at an average of 13.5x FY09 earnings, we adjust our
target price to 11x FY09 PER for China Hongxing, translating to S$0.55.
Maintain BUY.

CHINA HONGXING, cimb downgrade to NEUTRAL with target price
$0.53($0.86)
- In line. 2Q08 net profit (+31% yoy to Rmb118.0m) is in line with our
expectation of Rmb116.2m and slightly above consensus forecast. 2Q08
turnover grew 53.1% yoy to Rmb685.0m, beating our expectation of
Rmb660.0m.
1H08 net profit of Rmb232.2m contributed 41% to our full-year estimate
(typically 1H contributes around 41%). 2Q08 gross margin was relatively
flat at 42.0%.
- Gross margin expansion at risk. Given rising competition in the
mid-end
segment, where Anta and Xtep are competitors, we believe that
Hongxing’s
bargaining power with distributors will weaken, resulting in further
margin
squeeze. As in 1Q08, Hongxing’s ASPs in 2Q08 disappointed, down yoy for
footwear and apparel due to product discounts and a sales mix that was
skewed towards lower-priced items. We believe this is a sign of slowing
consumer spending.
- Reducing earnings estimates by 4-7%. Our upward revision in sales
assumptions have been offset by an increase in production cost
assumptions.
Together with the potential margin squeeze, we have conservatively
lowered
our FY08-10 EPS forecasts by 4-7%.
- Downgrade to Neutral from Outperform; lower target price of S$0.53
(from
S$0.86). Given risks associated with its aggressive expansion amid a
competitive landscape and an inflationary environment, we have
downgraded
our target P/E to 10.0x (from 16.5x) CY09 P/E, at the low-end of its
historical trading brand. Our new target is S$0.53 (from S$0.86).
Re-rating
catalysts are expected to include 1) higher-than-expected ASPs, which
would
offset rising costs; and 2) higher-thanexpected same-store sales
growth.