
WhatwerecommendInouropinion,CRLand’sprojectpipelinewillunderpinsustainedrentalgrowthforthecompanyoverthenextfewyears.Moreover,wethinktheNanningMIXccasealsoillustratesthathavingapremiermallwouldhelpittoachievepremiumpricingforitsresidentialcomponent(itsachievedASPofoverCNY20,000/sqmin2013wasarecordforNanning).WereiterateourBuy(1)ratingonCRLandwithanew6-monthtargetpriceofHKD...

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...