資本策略(497.hk)

公司將會在12月28日(星期一)公佈業績.

CAPITAL STRATEGIC (資本策略, 497.HK) - RECOMMEND BUY

I have studied this Company for three weeks and my takeaways are:

Capital Strategic (497.HK) is a very good company with a unique business model.  Chairman Mico Chung, Value Partners and Templeton all bought at $0.19-0.24 level.  The stock has also been recommended by "Master Win" in NOW Business News.

The Company will announce its first-half results in December 28.  The results will be very good due to a) one-off gains from CB redemption (~HK$200 million), b) disposal of properties (~HK$60-80 million), c) gains from investments held for trading purpose (~HK$50-100 million) and d) rental income (~HK$50-70 million).  Even though the Company has already announced a positive profit warning, I don't believe that the market price has fully reflected this yet.

The Company has many exciting projects that will come to market in the next 3 years, so the value of the Company will be gradually unlocked.  It is also venturing into the property market in Mainland China, especially Shanghai, which is a promising proposition, I think, given the need to refurbish/reposition some of the properties in Shanghai and the lack of players with similar skill sets as Capital Strategic.

Given the run-up in property prices in Hong Kong and China for the past 12 months, Capital Strategic's property and land portfolio is very valuable.  Capital Strategic's NAV is around HK$3.5 billion.  The Company's market cap of HK$1.8 billion represents ~50% discount.

THIS STOCK IS A SHORT-TO-MEDIUM TERM BUY.  TARGET PRICE IS >$0.35 WITHIN ONE YEAR (VERSUS $0.23 CURRENTLY).

3V Capital's research report on Emperor Int'l (163.HK)

3V Capital published a research report on Emperor Int'l (163.HK) today.  Their recommendation is BUY and target price is HK$2.60.

See report here:

https://docs.google.com/fileview?id=0B7h43MoiTlxyYzM0YTk3NGEtZWE0Ni00ZTZlLWJiMTQtMGFmNzI4ZjBhNzQz&hl=en

英皇國際轉賺 13億

 英皇系兩公司公佈截至 9月底止中期業績，英皇國際（ 163）半年業績虧轉盈，賺 13.24億元，每股盈利 68仙，派中期息 4.8仙；英皇娛樂酒店（ 296）半年純利按年增 1.95倍至 5127.5萬元，每股盈利 5仙，中期息 2.5仙。

英皇國際 163.HK 剛公佈中期業績

英皇國際業績漂亮,派息超過本人預期. 明天開市股價理應續升.
目標價調升至$2.40.

業績詳情:
http://www.hkexnews.hk/listedco/listconews/sehk/20091201/LTN200912011155_C.pdf