BUY Shun Tak Holdings Closing price: $2.625 Target price: $3.15 Share price performance (%) 1wk: 0.94 3mths: 0.96 1mth: 12.5 1yr: 101.9 A leading leisure and tourism play in Macau, the firm is well-positioned to capture dynamic tourism growth. Closer ties with Stanley Ho Hung-sun's gaming flagship Sociedade de Turismo e Diversoes de Macau (STDM) and a possible listing of STDM's gaming unit Sociedade de Jogos de Macau would be key share price catalysts, while sale of a joint-venture property development remained key profit contributor, the brokerage said. South China Brokerage BUY Top Form International Closing price: $1.19 Target price: $1.38 Share price performance (%) 1wk: 0.83 3mths: 5.3 1mth: 4.03 1yr: 158.6 Pressure on selling prices, as revealed during a visit to the manufacturer of ladies' apparel, has led to a downgrade of earnings forecasts. Net profit was now seen to grow 6 per cent to $142 million in the next financial year, against earlier forecasts of 17 per cent growth, the research house said in a report. Target price is cut by 6 per cent to $1.38, based on 10 times forward earnings, but recommendation remains a 'buy'. GK Goh Research BUY Aeon Credit Service (Asia) Closing price: $5 Target price: $5.50 Share price performance (%) 1wk: 16.27 3mths: 44.92 1mth: 3.63 1yr: 90.47 Kim Eng has revised upwards its net profit forecast by 39 per cent for fiscal 2005 and by 48 per cent for 2006, reflecting lower provision charges and higher credit demand. Non-interest income should remain strong next year as the financial company has started to charge overdue payment from the second past due day. The target price has been raised by 30.9 per cent, while the recommendation has been revised to 'buy' from 'hold'. Kim Eng Securities
