UOB Kay Hian in a Nov 1 research report says: "Indofood Agri Resources’ (IFAR) core net profit declined 20% y-o-y to Rp774 billion in 9M10.

"This was mainly attributable to: (a) lower total sales by 3.8% y-o-y, (b) lower forex gain from Rp250.9 billion in 9M09 to Rp65.4 billion in 9M10 and (c) higher operating expenses. Quarterly net profit increased 26% q-o-q on higher crude palm oil (CPO) and palm kernal average selling prices (ASP). Revenue declined 1.8% y-o-y on lower sales volume.

"We lower our earnings forecasts by 18.5% to Rp1,109 billion for 2010 and by 13.0% to Rp1,478 billion for 2011 to factor in lower cooking oil price assumption as well as sales volume due to stiff competition in the domestic cooking oil market. Fair price of $2.65 as we lowered our PE valuation to 13x 2012F PE. DOWNGRADE TO HOLD."

OCBC Investment Research in a Nov 1 research report says: "Venture Corp (VMS) reports its 3Q10 results, with revenue slipping 26.9% y-o-y to $677.9 million, or about 1.9% above our forecast, as it continues to revamp its Printing & Imaging (P&I) business.

"Net profit, though, jumped 27.2% y-o-y to $48.6 million, almost spot on our $48.0 million estimate, aided by the group's ongoing transformation from an OEM (original equipment manufacturer) to an ODM (original design manufacturer) business model. For 9M10, revenue fell 21.2% to $1970.4 million, meeting 71.1% of our full-year forecast, while net profit climbed 5.5% to $133.9 million, almost meeting around 71.3% of our FY2010 estimate.

"We remain encouraged by the group's business transformation into an ODM player, which we believe should herald a new era for the group. Fair value of $10.73 (still based on an undemanding 15x blended FY10/FY11F EPS). MAINTAIN BUY."

DBS Vickers Securities in a Nov 1 research report says: "1Q11 in line, with net profit up 30% y-o-y to RMB39 million on the back of 25% growth in sales to RMB1119 million. Longcheer would have clocked higher sales if not for component shortages in the quarter.

"Domestic sales were steady but exports did well, doubling to 46% of group sales as exports to India grew and Longcheer started to ship its first 2G handsets to Latin America. Longcheer has also begun to ship 100k units of 3G phones to China. Gross margin was 9.74%, lower than 10.6% in 1Q10 but an improvement from 9.4% in 4Q10.

"At 7.6x FY11 PE and 1.7x P/NTA, Longcheer is at a huge discount to peers average of 12x PE. Excluding net cash of 18 cents per share this quarter, the stock is even cheaper at 6x FY2011 and offers close to 5% yield. MAINTAIN BUY."

Phillip Securities Research in a Nov 1 research report says: "CDL HT recorded 3Q10 revenue of $31.6 million (+38.4% y-o-y), net property income of $30.2 million (+40.9% y-o-y) and distributable income of $26.9 million (+44.6% y-o-y). $2.7 million was retained for the quarter and DPU was 2.57 cents (+24.5% y-o-y).

"CDL HT has total debt of $379.1 million and gearing is 21.1%. We think 4Q10 results will be buoyed by the year-end holiday season. We think main risk to the sector could be the strong Sing$ which would discourage holiday makers making merry in Singapore. Nonetheless, we still like the tourism-play story.

"Furthermore CDL HT has a comfortable gearing which put it in a position to embark on opportunistic buys. We are rolling forward our valuation to FY2011E and based on a DDM valuation model, we derived a target price of $2.38.  UPGRADE TO BUY."

DBS Vickers Securities in an Oct 28 research report says: "Backed by 23% topline growth, China XLX’s 3Q10 net profit rose 24% q-o-q to RMB28 million, thanks to compound fertilizer division, which saw 98% q-o-q sales volume growth and 11% q-o-q rise in average selling price.

"Gross margins for urea and compound fertilizer were healthy at 15% and 10% respectively while methanol incurred a marginal loss of 2%.9M10 net profit of RMB126 million accounted for 73% of our full year estimate, leaving RMB47 million (+65% q-o-q) to be achieved in 4Q.

"The group has proposed the building of fourth plant in end September. The fourth plant will increase China XLX’s capacity by 60-80%. Our target price of 66 cents is pegged at 14x FY11 PE, a 20% discount to our valuation for China Bluechem. MAINTAIN BUY."