SHUN Tak Holdings is a conglomerate whose main activity is operating jetfoils between Hong Kong and Macau. Last year Nomura Securities put a hold on the stock, saying the jetfoil operations were on the verge of recovery. This proved poor advice as a slump in Macau tourism and competition on the route from Hong Kong hit earnings. Twelve months ago Shun Tak shares traded at $5.25. Now they are worth $3.85, having lagged the Hang Seng Index by 14.6 per cent.