ASMPtoacquireDEKASMPannouncedtodaythatitistoacquireDEK(DoverCorporation’ssubsidiary).DEKisoneofthegloballeadingSMT(surfacemounttechnology)screenprintermanufacturers.ASMPplanstoacquireDEKviaacashofferingofHK$1.32-1.55bn.Thisacquisitioncouldbeclosedinmid-2014,subjecttothecustomaryregulatoryapprovals.Weviewthesynergyofthismergeraslimited.Webelievethescreenprinterwil...

Innovativedrugstodrivegrowth.ThecompanyiscontrolledbyHonyCapital(Beijing),amemberofLegendHoldingsGroup.IthasbeenaleadingproducerofvitaminCseries(VC)andCaffeineintheworld,whileshiftingfocustohigh-margin,highgrowthinnovativedrugs.Mainproducts:NBPsoftcapsule--Class1newmedicineinbrain-vesselfieldandaChina’sWell-KnownTrademark;“Oulaining”-amarketleaderfortreatmentofmemoryandme...

HighlightsVerticalintegration.XCPsuggeststherecentacquisitionofBrilliance’s(1114HK,HKD13.22,Hold[3])connecting-rodbusinesswillallowittoincreaseitsverticalintegrationintotheupstreambusiness,potentiallyallowingittocutproductioncostsatalaterstageforbothitsE30andN20engines.Operations.Thecompanyexpectsthe2H13grossmargintobesimilartothatfor1H13andsaysthetotalinvestmentforitsnewBMWN...