SYNOPSIS : UOB’s earnings growth in 2008 is projected to be the highest of the three banks. With 12.4% projected 2008 ROE, UOB is worth S$22, offering another 7% upside from the current level.

SYNOPSIS: We visited Li Heng Chemical Fibre’s (LHCF) plants recently in Changle City, Fujian Province Based on relative valuation, we think a fair price to enter is between $0.65-$0.74.

SYNOPSIS: Adjusting for weak confidence associated with the residential property sector, we apply a 30% discount to valuation to arrive at target price of $2.10, down from $2.75 previously.

SYNOPSIS: 4Q07 was affected by sudden decline in OA orders and slow keypad sales but Mechatronics division performed better than expected. FV lowered to S$0.62. Maintain our long term BUY recommendation.

HLF reported a strong 20% growth in operating income and 23% growth in operating profit, 10% above our expectations. Operating profit for full year was S$135m, with 4Q registering a 5% improvement over 3Q.

SYNOPSIS : Counter remains undervalued. Recent market weakness offers a good opportunity to accumulate. We maintain our BUY recommendation on attractive valuation.