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SCMP Reporter

China Merchants Holdings Recommendation: Buy Brokerage: Indosuez WI Carr Securities CHINA Merchants Holdings' core businesses include shipping, industrial operations and infrastructure projects.

 WI Carr has upgraded the stock to a buy, saying it offers an 'undemanding' price to earnings ratio of 8.4 times, against a market average of about 10 times.

 Compared with the market, the company had lower currency risk, higher earnings stability and possible upside from more investment capitalising on its low gearing, the brokerage said.

Hysan Development Recommendation: Hold Brokerage: South China Research HYSAN is involved in property investment and development and capital market investments.

 South China has a hold recommendation on the stock, saying market expectations of lower interest rates means Hysan offers an attractive yield.

Goldlion Recommendation: Reduce Brokerage: Seapower Research GOLDLION has five main divisions - marketing and distribution, manufacturing, property, finance and intellectual property.

 Seapower has a reduce tag on the stock, citing uncertainties over Goldlion's earnings prospects which rely on a recovery in the mainland retail market and the penetration of new products.

Hutchison Whampoa Recommendation: Buy Brokerage: ABN Amro Asia THE conglomerate has interests in ports, telecommunications, hotels, retail and property.

 ABN Amro says Hutchison will outperform the market as the financial sector continues to de-rate and property prices show further downside risk.

 'Hutchison's solid balance sheet and diversified earnings base provide a strong shelter from economic uncertainties,' it said.



Low gearing, stable earnings add to China Merchants' promise