STANDARD & POOR’S MARKETSCOPE’S DAILY LIST (9/3/02)
(This list of broker recommendations is compiled by Standard & Poor's
MarketScope on a daily basis. The full market insight service can be accessed
on Bloomberg terminals GO, Reuters terminals or
customised solutions.)
For further information, call Julien Hardwick on +44 20 7312 7045
RECOMMENDATIONS AND CHANGES: EUROPE – 04/09/02
BANK LEU
ASCOM: Under review
CHARLES VOEGELE: upgrades to buy from sell, CHF50 target.
ROCHE: Market perform
SULZER: hold
UBS: hold, price target CHF78.
ZURICH FS: reiterates hold.
BNP-PARIBAS
ALCAN: Reiterate underperform relative to Europe & Sector; Cut price target from US$21 to
US$23, EPS02 from US$1.75 to US$1.54 & 03 from US$1.9 to US$1.88
ALCOA: Upgrade from underperform to neutral relative to Europe & reiterate neutral relative
to Sector; Cut price target from EUR 31 to EUR 24
ALUMINIUM PRICE CHANGE: cut 02e average price from 65c to 61c/lb & 03 from 69 to
64c/lb target CHF420 to CHF400
COMDIRECT: under review
DSM: Reiterates neutral relative to Europe & outperform relative to Sector, Price target EUR
52
EULER & HERMES: Reiterate neutral relative to Europe & Sector; Cut price target from
EUR 47 to EUR 31; Cuts forecasts to EUR 60 for 02, EUR 101m for 03 & EUR 127m for 04.
HOLCIM: Reiterates outperform relative to Europe & Sector; Cuts price target from
INTERNATIONAL POWER: Reiterates underperform relative to Europe & Sector, Price
target GBP1.00
JERONIMO MARTINS: Reiterates underperform relative to Europe & Sector, Price target
EUR 9 unchanged.
PECHINEY: Reiterate outperform relative to Europe & Sector; Price Target EUR 55
unchanged, 02 forecasts unchanged, cut 03 forecasts from EUR 3.9 to EUR3.49
RENTOKIL INITIAL: Reiterates neutral relative to Europe & upgrades from neutral to
outperform relative to Sector
TOTAL FINA ELF: Reiterates outperform relative to Europe & Sector
CREDIT LYONNAIS
AXA: downgrades to add vs buy, cuts target to EUR 14.6 vs EUR 19. Analyst expects more
negative news and notes low visibility.
CSFB
ATOS ORIGIN: Reiterates Hold, Reducing target price to EUR 35 from EUR 50.
GLOBAL STRATEGY: 40% probability on a double dip. Into a double-dip, would:
1) see the S&P 500 falling to 730,
2) reduce continental Europe to underweight and raise overweight on UK equities
3) on sectors, would sig. increase overweight in non-cyclical growth defensives and
reasonably priced straight defensives at the expense of cyclicals and financials. Would stick
to a neutral in oil into a double dip and increase telecoms to overweight.
IT SERVICES SECTOR: Reducing estimates of growth for the sector from 12% to 7.3% for
2002-07
DEUTSCHE BANK
ALTADIS: ups target to EUR 27 from EUR 25, buy
HEIDELBERGER DRUCK: cuts EPS ests
DRESDNER KW
BK INTESA: ups to add from hold, EUR 2.9 target
GALLAHER: buy
INTESABCI: DrKW ups to add from hold, EUR 2.9 target
LOGICA: buy
SANOFI: sell
HSBC
ALTADIS: Retains sell recommendation, price target EUR 18.92. Prefers BAT or Gallaher
given risk that stock price will fall if a take-over does not occur in the next nine months.
BBA GROUP: Reiterates add recommendation, target GBP3.20. Aviation demand recovers
from weak 2H01.
BRITANNIC GROUP: Reiterates reduce rating. Price target GBP7.50. Doubts about the
value of new business channels and risk of shifts in the market.
CC CARREFOUR: Retains reduce rating, target EUR 12. Stock looks like continuing to
underperform the sector.
DOMESTIC AND GENERAL GROUP: Retains add rating with target of GBP6.00.
HEIDELBERGER DRUCK: Reiterates reduce recommendation, target EUR 33. Q2
developing weaker than expected.
IT HARWARE: Underweight reiterated.
LAING: Retains reduce rating, price target GBP1.45. Remains cautious - delays in
disposing of housing business and poor cash generation from trading.
SCHRODERS: Maintains reduce rating, price target GBP5.00. More costs near term but
better savings further out. Reduce recommendation is effectively a market call.
ING
ACS: BUY, target EUR 37.20
ARCELOR: SELL, target EUR 11.00
CC CARREFOUR: HOLD, target EUR 13.50
EDP: HOLD, target EUR 2.00 vs EUR 2.75.
ENEL: HOLD, target EUR 6.00 vs EUR 8.00
EURONEXT: Upgrades to HOLD from sell, target raised from EUR 19 to EUR 20.0
EURONEXT: ING ups to hold from sell, new target EUR 20
LAFARGE: BUY, target EUR 105.00 vs EUR 100.
RECTICEL: HOLD, target EUR 11.25
SANOFI SYTHELABO: BUY, target EUR 69.00 raised from EUR 65.
SCHNEIDER ELECTRIC: BUY, target EUR 55.00
JP MORGAN
AXA: Buy, target EUR 12. Cuts EPS 02 est. from EUR 1.11 to EUR 1.00. Should rerate to
level of peers.
LIBERTY INTERNATIONAL: Buy, Retail should be the best-performing property category
for at least the next 12 months, 78% of Liberty’s exposure is to UK shopping centres.
SANOFI-SYNTHELABO: Market performer, target EUR 55.20. 1H results below
expectations. Patent risk of Platix will likely cap any sustained rise in stock.
SCHNEIDER ELECTRIC: Buy, price target EUR 45.94. Full H102 results due tomorrow.
WANADOO: Buy, target EUR 4.89. H2 results due today.
LEHMAN
DSM: 2 - Equal weight, VC&FC Acquisition Safe but Uninspiring. Target unchanged
EUR 49.
INTEC TELECOM SYSTEMS: 2 - Equal weight. FYQ302: Revenues of £10.9m, EBITDA
£0.04m, cash EPS £-0.01.
THISTLE HOTELS: Raising to 1-Overweight vs equal-weight. Target 170p. 1H in-line -
strong cost control
VODAFONE: Maintains 1 – Overweight rating. Japan is a tough market so have lowered
assumptions for penetration, market share, and ARPU. Revised FY03 Group f/cs:£32.9bn
sales, £11.24bn EBITDA and 5.37p EPS.
MERRILL LYNCH
SCHRODERS: Merrill Lynch raises to buy from neutral
MORGAN STANLEY
AXA: Remain Underweight, price target not available. EPS ests. for 02 down 5%
BMW: Target EUR 50. Overweight. Expects a 22% fall in 2H vs. 1H profit, given seasonality
and the Z4 launch.
BRITANNIC ASSURANCE: Equal-weight, target not available. Faces considerable
challenges, few quick solutions – switch into Friends Provident.
BRITISH ENERGY: cuts target to GBP1.2 vs GBP2.1, reiterates overweight.
EMI: cuts target to GBP1.75 vs GBP2.5, reiterates underweight. Better opportunities
elsewhere in the sector, Wolters Kluwer, EMAP, Pearson, and Vivendi Universal.
HEIDELBERGER DRUCK: Reiterates equal-weight, target reduced from EUR 35 vs EUR
40. Reduction in 2004 earnings, no immediate catalyst for shares. In-Line view of the
European media sector.
REXEL: Equal-weight, target EUR 58 down from EUR 60. Earnings 2002 down EUR 3.55 vs
EUR 3.72
STORA ENSO: Target EUR 10, Underweight - remain Cautious
RABO SECURITIES
DSM: cuts target to EUR 48 from EUR 50, hold
HUNTER DOUGLAS: reiterates buy, EUR 31 target
IHC CALAND: cuts target to EUR 65 from EUR 75, buy
INTERBREW: reiterates sell, EUR 25 target
KLM: reiterates buy, EUR 16 target
SCHRODER SSSB
ERAMET: Retains outperform rating and reduces target from EUR 41.5 to EUR 35.
PECHINEY: Reiterates outperform. Price target down to EUR 47.50 from EUR 50.70
SAFEWAY: Downgrades from neutral to underperform, price target down to GBP1.80 from
GBP3.10.
XSTRATA: reiterates neutral and GBP7.00 price target. Cuts EPS estimates.
UBS WARBURG
ALTADIS: raise price target EUR 25 to EUR 26.5 reiterates buy, key Euro Tobacco pick
CHUBB: cut price target GBP1.95 to 1.60 reiterates buy on lower market valuations
INCEPTA GROUP: UBSW cuts target to GBP0.22 from GBP0.40, reiterates hold post H1
trade update
INTEC: cuts target to GBP0.20 from GBP0.70, hold
JERONIMO MARTIN: cut price target EUR 8.2 to EUR 7.5 reiterates hold post figs, price
erosion overdone.
PUBLIGROUPE: cuts target to CHF300 from CHF400, buy
PULP & PAPER: shares discounting worse scenario than our 03 forecasts, paper
REXEL: cuts target to EUR 43 from EUR 53, hold
SANOFI- SYNTHELABO: Downgrades from Buy to hold, new Price target, EUR 57 (from
EUR 70) on weak figures yesterday. Concern over slower gross margin expansion. 10.4x
EV/EBITDA fair.
SCHRODERS: cuts target to GBP5.00 from GBP5.30, reiterates hold
SIG PLC.: Downgrades from Strong Buy to Buy, Price target GBP2.40 vs GBP 3.00 post
figures/outlook.
SWISSCOM: reiterates buy and price target CHF555 post roadshow, reiterates outlook, still
one of preferred picks in sector
TOP PICKS: UPM (Strong Buy price target EUR 44) STORA ENSO (Strong buy price
target EUR 16)
WHATMAN: cuts target to GBP0.98 from GBP1.22, reiterates hold
RECOMMENDATIONS AND CHANGES: US – 03/09/02
BANC OF AMERICA
INTEL CORP : Buy
PEPSICO INC : Buy
RADIO ONE'D' : Strong buy
CS FIRST BOSTON
BALL CORP : Hold to buy
DISNEY (WALT) CO* : Initiate with buy
FOX ENTERTAINMENT GRP 'A' : Initiate with buy
METRO-GOLDWYN-MAYER : Initiate with hold
TECO ENERGY : Buy to sell
UAL CORP : Hold to sell
VIACOM CI.B : Initiate with strong buy
GOLDMAN
FREEP'T MCMORAN : Recommended list to market perform
HC WAINWRIGHT
ARRIS : Reiterate buy
MORGAN STANLEY
CANADIAN NATL RAILWAY : Cuts estimates
GOLDMAN SACHS GROUP : Cuts estimates
PEPSI BOTTLING GROUP : Overweight to equal weight
UNION PACIFIC : Raises estimates
PRUDENTIAL
CITIGROUP INC : Hold to sell
RAYMOND JAMES
ARVINMERITOR INC : Strong buy
ILEX ONCOLOGY : Cut target
SG COWEN
ANALOG DEVICES : Strong buy
LINEAR TECHNOLOGY CORP : Cuts estimates
TEXAS INSTRUMENTS : Buy
SOUNDVIEW
AMAZON.COM : Maintains outperform
BEA SYSTEMS : Transitioning coverage; initiates with
INTEL CORP : Cuts target; rates neutral
IONA TECHNOLOGIES ADR* : Transitioning coverage; Initiates with
PLUMTREE SOFTWARE : Transitioning coverage; Initiates with
SEEBEYOND TECHNOLOGY : Transitioning coverage; Initiates with
TIBCO SOFTWARE : Transitioning coverage; Initiates with
WEBMETHODS INC : Transitioning coverage; Initiates with
YAHOO INC : Cuts estimates, target
THOMAS WEISEL
INVITROGEN CORP : Reiterate buy
METTLER-TOLEDO INTL : Buy to market perform
RECOMMENDATIONS AND CHANGES: ASIA – 04/0902
STANDARD & POOR’S
GENTING: Upgrade to BUY
HANARO TELECOM: Initiate with HOLD
HITACHI: Downgrade to HOLD
MAYBANK: Maintain REDUCE
PETROCHINA: Retain ACCUMULATE
SONY: Maintain SELL
ST ENGINEERING: Downgrade to HOLD
BNP PARIBAS PEREGRINE
CAPITALAND: Property fund for China market
SMRT: Lost CEO
CAZENOVE
CNAC: REDUCE
SCMP: 1H result highlights
CLSA
CITIC PACIFIC: Flush with cash
KT CORP: BUY
PETROCHINA: BUY
SAMSUNG SDI: Underperform
ST ENGINEERING: Upgrade to outperform
VIA: How low can you go? SELL
CSFB
CHARTERED: Downgrade to SELL
CHINA STEEL: Maintain BUY
HSBC: Maintain HOLD
NOL: Maintain HOLD
PETROCHINA: HOLD
SAMSUNG SDI: HOLD
SCMP: BUY
YAGEO: HOLD
DBS VICKERS SECURITIES
LINDETEVES-JACOBERG: Maintain BUY
PROTON: BUY
SCMP: Maintain Fully Valued
UNITED FOOD: HOLD
GOLDMAN SACHS
CHINA STEEL: Retain Market outperform
CHINATRUST: Market outperform
CRE: 1H results, Market outperform
PHOENIX: Maintain Market perform
POSCO: EPS raised, Recommended List
HYUNDAI SECURITIES
SK CORP: BUY
TRIGEM: Market perform
JP MORGAN
CHINA STEEL: MP
FUJISAWA PHARMACEUTICAL: LT BUY
HYNIX: Reinitiate coverage, MU
MATSUI SECURITIES: Downgrade to MP
SMRT: Musical chairs at the helm
SAMSUNG ELECTRONICS: BUY
TEPCO: Revise forecasts
KGI SECURITIES
CHINA UNICOM: Interim forecast
CRE: Interim result forecast
QUANTA: Worse than expected results
SCMP: Interim result forecast
KIM ENG SECURITIES
HUME INDUSTRIES: BUY
ROAD BUILDER: BUY
SIA: To start domestic airline in Australia?
LEHMAN
PCCW: 1H loss due Thursday, E/P
QUANTA: E/N
SK TELECOM: Earnings revised down, OVER/POSITIVE
TEPCO: Downgraded to Equalweight
VENTURE: O/N
MERRILL LYNCH
COSCO PACIFIC: Strong BUY
IJM CORP: So far so good
KEPPEL LAND: Oversold position built up
SCMP: Buying opportunity
MSDW
CHARTERED: Rights issue, Equal-weight
CHINA AIRLINES: Overweight
CNAC: Underweight
KT CORP: Overweight
PCCW: Cost-cutting announced, Equal-weight
SALOMON SMITH BARNEY
ASUSTEK: 2Q results
COSCO PACIFIC: 1H02 expectations
CRE: Expect 11% fall
HK & CHINA GAS: 1H02 preview
KEPPEL LAND: Setting up China fund
KT CORP: Flat tariff
MAXIS: Adjust price target
PCCW: 1H preview
QUANTA: 2Q results
STATS: Financial position still sound
SAMSUNG SECURITIES
HANWHA CHEM: Market perform
KOREAN RE: BUY
UBS WARBURG
AMBIT: BUY
CHARTERED: SELL
TVB: Still a HOLD
Marketscope from sources believed to be reliable. However, because of
human or mechanical error by S&P Marketscope, or S&P’s sources, neither
S&P, S&P Marktscope, Reuters nor their source, guarantee accuracy,
adequacy or completeness of any information and are nor responsible for any
errors any omissions or for the results obtained from use of such information.
Reproduction, networking or other redistribution of this Standard & Poor’s
service or any part therein is prohibited, except with the prior written consent
of Standard & Poor’s.
©S&P MarketScope Europe
Gruß
(This list of broker recommendations is compiled by Standard & Poor's
MarketScope on a daily basis. The full market insight service can be accessed
on Bloomberg terminals GO, Reuters terminals or
customised solutions.)
For further information, call Julien Hardwick on +44 20 7312 7045
RECOMMENDATIONS AND CHANGES: EUROPE – 04/09/02
BANK LEU
ASCOM: Under review
CHARLES VOEGELE: upgrades to buy from sell, CHF50 target.
ROCHE: Market perform
SULZER: hold
UBS: hold, price target CHF78.
ZURICH FS: reiterates hold.
BNP-PARIBAS
ALCAN: Reiterate underperform relative to Europe & Sector; Cut price target from US$21 to
US$23, EPS02 from US$1.75 to US$1.54 & 03 from US$1.9 to US$1.88
ALCOA: Upgrade from underperform to neutral relative to Europe & reiterate neutral relative
to Sector; Cut price target from EUR 31 to EUR 24
ALUMINIUM PRICE CHANGE: cut 02e average price from 65c to 61c/lb & 03 from 69 to
64c/lb target CHF420 to CHF400
COMDIRECT: under review
DSM: Reiterates neutral relative to Europe & outperform relative to Sector, Price target EUR
52
EULER & HERMES: Reiterate neutral relative to Europe & Sector; Cut price target from
EUR 47 to EUR 31; Cuts forecasts to EUR 60 for 02, EUR 101m for 03 & EUR 127m for 04.
HOLCIM: Reiterates outperform relative to Europe & Sector; Cuts price target from
INTERNATIONAL POWER: Reiterates underperform relative to Europe & Sector, Price
target GBP1.00
JERONIMO MARTINS: Reiterates underperform relative to Europe & Sector, Price target
EUR 9 unchanged.
PECHINEY: Reiterate outperform relative to Europe & Sector; Price Target EUR 55
unchanged, 02 forecasts unchanged, cut 03 forecasts from EUR 3.9 to EUR3.49
RENTOKIL INITIAL: Reiterates neutral relative to Europe & upgrades from neutral to
outperform relative to Sector
TOTAL FINA ELF: Reiterates outperform relative to Europe & Sector
CREDIT LYONNAIS
AXA: downgrades to add vs buy, cuts target to EUR 14.6 vs EUR 19. Analyst expects more
negative news and notes low visibility.
CSFB
ATOS ORIGIN: Reiterates Hold, Reducing target price to EUR 35 from EUR 50.
GLOBAL STRATEGY: 40% probability on a double dip. Into a double-dip, would:
1) see the S&P 500 falling to 730,
2) reduce continental Europe to underweight and raise overweight on UK equities
3) on sectors, would sig. increase overweight in non-cyclical growth defensives and
reasonably priced straight defensives at the expense of cyclicals and financials. Would stick
to a neutral in oil into a double dip and increase telecoms to overweight.
IT SERVICES SECTOR: Reducing estimates of growth for the sector from 12% to 7.3% for
2002-07
DEUTSCHE BANK
ALTADIS: ups target to EUR 27 from EUR 25, buy
HEIDELBERGER DRUCK: cuts EPS ests
DRESDNER KW
BK INTESA: ups to add from hold, EUR 2.9 target
GALLAHER: buy
INTESABCI: DrKW ups to add from hold, EUR 2.9 target
LOGICA: buy
SANOFI: sell
HSBC
ALTADIS: Retains sell recommendation, price target EUR 18.92. Prefers BAT or Gallaher
given risk that stock price will fall if a take-over does not occur in the next nine months.
BBA GROUP: Reiterates add recommendation, target GBP3.20. Aviation demand recovers
from weak 2H01.
BRITANNIC GROUP: Reiterates reduce rating. Price target GBP7.50. Doubts about the
value of new business channels and risk of shifts in the market.
CC CARREFOUR: Retains reduce rating, target EUR 12. Stock looks like continuing to
underperform the sector.
DOMESTIC AND GENERAL GROUP: Retains add rating with target of GBP6.00.
HEIDELBERGER DRUCK: Reiterates reduce recommendation, target EUR 33. Q2
developing weaker than expected.
IT HARWARE: Underweight reiterated.
LAING: Retains reduce rating, price target GBP1.45. Remains cautious - delays in
disposing of housing business and poor cash generation from trading.
SCHRODERS: Maintains reduce rating, price target GBP5.00. More costs near term but
better savings further out. Reduce recommendation is effectively a market call.
ING
ACS: BUY, target EUR 37.20
ARCELOR: SELL, target EUR 11.00
CC CARREFOUR: HOLD, target EUR 13.50
EDP: HOLD, target EUR 2.00 vs EUR 2.75.
ENEL: HOLD, target EUR 6.00 vs EUR 8.00
EURONEXT: Upgrades to HOLD from sell, target raised from EUR 19 to EUR 20.0
EURONEXT: ING ups to hold from sell, new target EUR 20
LAFARGE: BUY, target EUR 105.00 vs EUR 100.
RECTICEL: HOLD, target EUR 11.25
SANOFI SYTHELABO: BUY, target EUR 69.00 raised from EUR 65.
SCHNEIDER ELECTRIC: BUY, target EUR 55.00
JP MORGAN
AXA: Buy, target EUR 12. Cuts EPS 02 est. from EUR 1.11 to EUR 1.00. Should rerate to
level of peers.
LIBERTY INTERNATIONAL: Buy, Retail should be the best-performing property category
for at least the next 12 months, 78% of Liberty’s exposure is to UK shopping centres.
SANOFI-SYNTHELABO: Market performer, target EUR 55.20. 1H results below
expectations. Patent risk of Platix will likely cap any sustained rise in stock.
SCHNEIDER ELECTRIC: Buy, price target EUR 45.94. Full H102 results due tomorrow.
WANADOO: Buy, target EUR 4.89. H2 results due today.
LEHMAN
DSM: 2 - Equal weight, VC&FC Acquisition Safe but Uninspiring. Target unchanged
EUR 49.
INTEC TELECOM SYSTEMS: 2 - Equal weight. FYQ302: Revenues of £10.9m, EBITDA
£0.04m, cash EPS £-0.01.
THISTLE HOTELS: Raising to 1-Overweight vs equal-weight. Target 170p. 1H in-line -
strong cost control
VODAFONE: Maintains 1 – Overweight rating. Japan is a tough market so have lowered
assumptions for penetration, market share, and ARPU. Revised FY03 Group f/cs:£32.9bn
sales, £11.24bn EBITDA and 5.37p EPS.
MERRILL LYNCH
SCHRODERS: Merrill Lynch raises to buy from neutral
MORGAN STANLEY
AXA: Remain Underweight, price target not available. EPS ests. for 02 down 5%
BMW: Target EUR 50. Overweight. Expects a 22% fall in 2H vs. 1H profit, given seasonality
and the Z4 launch.
BRITANNIC ASSURANCE: Equal-weight, target not available. Faces considerable
challenges, few quick solutions – switch into Friends Provident.
BRITISH ENERGY: cuts target to GBP1.2 vs GBP2.1, reiterates overweight.
EMI: cuts target to GBP1.75 vs GBP2.5, reiterates underweight. Better opportunities
elsewhere in the sector, Wolters Kluwer, EMAP, Pearson, and Vivendi Universal.
HEIDELBERGER DRUCK: Reiterates equal-weight, target reduced from EUR 35 vs EUR
40. Reduction in 2004 earnings, no immediate catalyst for shares. In-Line view of the
European media sector.
REXEL: Equal-weight, target EUR 58 down from EUR 60. Earnings 2002 down EUR 3.55 vs
EUR 3.72
STORA ENSO: Target EUR 10, Underweight - remain Cautious
RABO SECURITIES
DSM: cuts target to EUR 48 from EUR 50, hold
HUNTER DOUGLAS: reiterates buy, EUR 31 target
IHC CALAND: cuts target to EUR 65 from EUR 75, buy
INTERBREW: reiterates sell, EUR 25 target
KLM: reiterates buy, EUR 16 target
SCHRODER SSSB
ERAMET: Retains outperform rating and reduces target from EUR 41.5 to EUR 35.
PECHINEY: Reiterates outperform. Price target down to EUR 47.50 from EUR 50.70
SAFEWAY: Downgrades from neutral to underperform, price target down to GBP1.80 from
GBP3.10.
XSTRATA: reiterates neutral and GBP7.00 price target. Cuts EPS estimates.
UBS WARBURG
ALTADIS: raise price target EUR 25 to EUR 26.5 reiterates buy, key Euro Tobacco pick
CHUBB: cut price target GBP1.95 to 1.60 reiterates buy on lower market valuations
INCEPTA GROUP: UBSW cuts target to GBP0.22 from GBP0.40, reiterates hold post H1
trade update
INTEC: cuts target to GBP0.20 from GBP0.70, hold
JERONIMO MARTIN: cut price target EUR 8.2 to EUR 7.5 reiterates hold post figs, price
erosion overdone.
PUBLIGROUPE: cuts target to CHF300 from CHF400, buy
PULP & PAPER: shares discounting worse scenario than our 03 forecasts, paper
REXEL: cuts target to EUR 43 from EUR 53, hold
SANOFI- SYNTHELABO: Downgrades from Buy to hold, new Price target, EUR 57 (from
EUR 70) on weak figures yesterday. Concern over slower gross margin expansion. 10.4x
EV/EBITDA fair.
SCHRODERS: cuts target to GBP5.00 from GBP5.30, reiterates hold
SIG PLC.: Downgrades from Strong Buy to Buy, Price target GBP2.40 vs GBP 3.00 post
figures/outlook.
SWISSCOM: reiterates buy and price target CHF555 post roadshow, reiterates outlook, still
one of preferred picks in sector
TOP PICKS: UPM (Strong Buy price target EUR 44) STORA ENSO (Strong buy price
target EUR 16)
WHATMAN: cuts target to GBP0.98 from GBP1.22, reiterates hold
RECOMMENDATIONS AND CHANGES: US – 03/09/02
BANC OF AMERICA
INTEL CORP : Buy
PEPSICO INC : Buy
RADIO ONE'D' : Strong buy
CS FIRST BOSTON
BALL CORP : Hold to buy
DISNEY (WALT) CO* : Initiate with buy
FOX ENTERTAINMENT GRP 'A' : Initiate with buy
METRO-GOLDWYN-MAYER : Initiate with hold
TECO ENERGY : Buy to sell
UAL CORP : Hold to sell
VIACOM CI.B : Initiate with strong buy
GOLDMAN
FREEP'T MCMORAN : Recommended list to market perform
HC WAINWRIGHT
ARRIS : Reiterate buy
MORGAN STANLEY
CANADIAN NATL RAILWAY : Cuts estimates
GOLDMAN SACHS GROUP : Cuts estimates
PEPSI BOTTLING GROUP : Overweight to equal weight
UNION PACIFIC : Raises estimates
PRUDENTIAL
CITIGROUP INC : Hold to sell
RAYMOND JAMES
ARVINMERITOR INC : Strong buy
ILEX ONCOLOGY : Cut target
SG COWEN
ANALOG DEVICES : Strong buy
LINEAR TECHNOLOGY CORP : Cuts estimates
TEXAS INSTRUMENTS : Buy
SOUNDVIEW
AMAZON.COM : Maintains outperform
BEA SYSTEMS : Transitioning coverage; initiates with
INTEL CORP : Cuts target; rates neutral
IONA TECHNOLOGIES ADR* : Transitioning coverage; Initiates with
PLUMTREE SOFTWARE : Transitioning coverage; Initiates with
SEEBEYOND TECHNOLOGY : Transitioning coverage; Initiates with
TIBCO SOFTWARE : Transitioning coverage; Initiates with
WEBMETHODS INC : Transitioning coverage; Initiates with
YAHOO INC : Cuts estimates, target
THOMAS WEISEL
INVITROGEN CORP : Reiterate buy
METTLER-TOLEDO INTL : Buy to market perform
RECOMMENDATIONS AND CHANGES: ASIA – 04/0902
STANDARD & POOR’S
GENTING: Upgrade to BUY
HANARO TELECOM: Initiate with HOLD
HITACHI: Downgrade to HOLD
MAYBANK: Maintain REDUCE
PETROCHINA: Retain ACCUMULATE
SONY: Maintain SELL
ST ENGINEERING: Downgrade to HOLD
BNP PARIBAS PEREGRINE
CAPITALAND: Property fund for China market
SMRT: Lost CEO
CAZENOVE
CNAC: REDUCE
SCMP: 1H result highlights
CLSA
CITIC PACIFIC: Flush with cash
KT CORP: BUY
PETROCHINA: BUY
SAMSUNG SDI: Underperform
ST ENGINEERING: Upgrade to outperform
VIA: How low can you go? SELL
CSFB
CHARTERED: Downgrade to SELL
CHINA STEEL: Maintain BUY
HSBC: Maintain HOLD
NOL: Maintain HOLD
PETROCHINA: HOLD
SAMSUNG SDI: HOLD
SCMP: BUY
YAGEO: HOLD
DBS VICKERS SECURITIES
LINDETEVES-JACOBERG: Maintain BUY
PROTON: BUY
SCMP: Maintain Fully Valued
UNITED FOOD: HOLD
GOLDMAN SACHS
CHINA STEEL: Retain Market outperform
CHINATRUST: Market outperform
CRE: 1H results, Market outperform
PHOENIX: Maintain Market perform
POSCO: EPS raised, Recommended List
HYUNDAI SECURITIES
SK CORP: BUY
TRIGEM: Market perform
JP MORGAN
CHINA STEEL: MP
FUJISAWA PHARMACEUTICAL: LT BUY
HYNIX: Reinitiate coverage, MU
MATSUI SECURITIES: Downgrade to MP
SMRT: Musical chairs at the helm
SAMSUNG ELECTRONICS: BUY
TEPCO: Revise forecasts
KGI SECURITIES
CHINA UNICOM: Interim forecast
CRE: Interim result forecast
QUANTA: Worse than expected results
SCMP: Interim result forecast
KIM ENG SECURITIES
HUME INDUSTRIES: BUY
ROAD BUILDER: BUY
SIA: To start domestic airline in Australia?
LEHMAN
PCCW: 1H loss due Thursday, E/P
QUANTA: E/N
SK TELECOM: Earnings revised down, OVER/POSITIVE
TEPCO: Downgraded to Equalweight
VENTURE: O/N
MERRILL LYNCH
COSCO PACIFIC: Strong BUY
IJM CORP: So far so good
KEPPEL LAND: Oversold position built up
SCMP: Buying opportunity
MSDW
CHARTERED: Rights issue, Equal-weight
CHINA AIRLINES: Overweight
CNAC: Underweight
KT CORP: Overweight
PCCW: Cost-cutting announced, Equal-weight
SALOMON SMITH BARNEY
ASUSTEK: 2Q results
COSCO PACIFIC: 1H02 expectations
CRE: Expect 11% fall
HK & CHINA GAS: 1H02 preview
KEPPEL LAND: Setting up China fund
KT CORP: Flat tariff
MAXIS: Adjust price target
PCCW: 1H preview
QUANTA: 2Q results
STATS: Financial position still sound
SAMSUNG SECURITIES
HANWHA CHEM: Market perform
KOREAN RE: BUY
UBS WARBURG
AMBIT: BUY
CHARTERED: SELL
TVB: Still a HOLD
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