Jardine International Motors Recommendation: Buy Brokerage: Schroders Securities THE company's 1993 results showed that net profit grew 23 per cent to $566 million. The results were better than expected. Despite austerity measures in China, contributions from Southern Star - a 49 per cent-owned joint venture - increased by 109 per cent. Anticipation of a change in regulations governing the import of cars by joint ventures led to strong demand in China. The profit contribution from Hong Kong and Macau was higher than anticipated, as were sales of Mercedes. While the recent de-listing of Jardine Matheson may be a risk to the expansion of the company in China, it is believed that it is more than covered by the current attractive prices-earnings (P/E) ratio and good yield. Grand Hotel Recommendation: Buy Brokerage: Schroders Securities THE pressure on local hotel space is well illustrated by Grand Hotel. Its hotel and apartments are effectively full, with occupancies of 95.3 per cent at the Grand Plaza Hotel, 97.7 per cent at the Grand Plaza apartments, 94.3 per cent at the Grand Tower and 95.7 per cent at the Wesley. With limited scope to raise occupancies, Grand must look to higher rates. Overall occupancy at the Grand Tower is set to fall, however, as all 14 floors are being refurbished over the next 18 months. With a modest premium, high yield and near 50 per cent discount to net asset value, the shares should continue outperforming the market. Swire Pacific Recommendation: Buy Brokerage: Schroders Securities SWIRE Pacific's 1993 earnings exceeded expectations and grew 5.4 per cent over the previous year. The group should have significant income growth of 48 per cent in 1994 with an impressive increase in rental rates, expansion of its investment properties, strong development profit from Robinson Place, and earnings recovery from Cathay Pacific. The stock is trading on an attractive 1994 P/E of only 12 times and at a discount of 30 per cent to its net asset value of $76.6 per share. Sun Hung Kai and Co Recommendation: Buy Brokerage: DBS Securities DESPITE keen competition, the company consistently maintains an eight to nine per cent share of the daily turnover of the Hong Kong market. Increased contribution from China-related activities is expected in the longer term. The corporate finance division and SHK Industries are now shifting their focus to China investments, while Tian An China will continue to make steady contribution from its 3.3 million-square-metre land bank. Giordano Holdings Recommendation: Hold Brokerage: South China Securities THE company will continue to expand in Southeast Asia and is due to sign a joint venture agreement with IIshin Investment Company in South Korea. Giordano will take an initial 30 per cent stake, with an option to increase this to 50 per cent in five years. The first shop is scheduled to open in May and further shops will be opened later this year. In July, the company expects to enter into a joint-venture agreement with the existing franchise operation in the Philippines.