Wheelock & Company Brokerage: W. I. Carr Recommendation: Sell WHEELOCK is a conglomerate whose subsidiaries manage and develop property, offer computer and financial services and retail and distribute products. Wheelock is seeking to become a more active hong but will remain essentially an investment holding company for 1995 and 1996, and heavily dependent on listed associate Wharf for 55 to 60 per cent of net profit. New joint ventures in China with Fosters and in Guangzhou property are unlikely to realise profit until 1998. Wheelock has the lowest quality of earnings of the major conglomerates and is likely to keep trading at a discount. W. I. Carr recommends a sell. Elec & Eltek International Holdings Brokerage: Seapower Securities Recommendation: Buy ELEC & Eltek is a holding company whose subsidiaries make and sell electronic items and are also involved in property development. As one of the largest circuit board manufacturers in Asia, Elec & Eltek has benefited from the demand boom in personal computers. The company has moved to concentrate on its printed circuit board business and scale down its less profitable telecommunications activities, a move welcomed by analysts. Seapower has upgraded its estimated net profit for the company for 1996 to $206.5 million from $181.4 million and recommends a buy. Moulin International Holdings Brokerage: New China Hong Kong Research Recommendation: BuyMOULIN International designs, manufactures, sells and distributes optical products. It also trades in contact lenses and coloured glass sheets. Moulin enjoys the competitive advantage of wide product range and vertical integration, witnessed in links to Carrera and Nikon. Its major competitor Swank International recorded a four per cent fall in sales in 1994 and its operating profit margin fell to 7.8 per cent in 1994. Moulin's was 21 per cent. Net profit should double to $106 million in two years, helped by improved capacity and profit margin. Buy.