CLSA pays respect to financial markets karma

Howard Winn

BIO
Howard Winn has been with the South China Morning Post for two and half years after previous stints as business editor and deputy editor of The Standard, and business editor of Asia Times. His writing has also been published in the ar !aster !"onomi" #eview, the Wall Street $ournal, and the %nternational Herald Tribune. He writes the &ai See "olumn whi"h fo"uses on the lighter side of business.

Most Popular

'iewed Shared Commented Huawei denies wor) lin)ed to *S death in Singapore &ondon dethrones Hong ,ong as pri"iest offi"e mar)et As par)ed ./.s multiply, 0oeing "ash drain worries grow China 2% falls, refle"ts global "aution, "heaper rivals Hong ,ong 4ust following mainland in re4e"tion of transparen"y &ondon dethrones Hong ,ong as pri"iest offi"e mar)et Huawei denies wor) lin)ed to *S death in Singapore Hong ,ong5s reputation as a neutral arbitration "entre grows 0ei4ing liberalises mutual fund mar)et Airlines fly into headwinds from high6speed trains 0udget promises bounty, but relief measures li)ely smaller

(. +. -. 1. 3. (. +. -. 1. 3. (.

+. -. 1. 3.

Hong ,ong 4ust following mainland in re4e"tion of transparen"y Huawei denies wor) lin)ed to *S death in Singapore China see)s e7tra testing of *S por) for feed additive 8overnment "ould save lives by raising "igarette ta7es

Editor's Pick

Manners ma)eth the mainland 0ei4ing so"ialites are signing up to the "ountry5s first s"hool of eti9uette, writes Simon Parry, and its Hong ,ong6born founder is on a mission to reawa)en traditions of "ourtesy.

Recommended on Face ook

Lifestyle

Apple "omputers hit by ha")ers who targeted ... *n)nown ha")ers infe"ted the "omputers of some Apple wor)ers...

Contemporary baby furniture that doesn5t... our men with offended design sensibilities established bloom...

:udes view nudes at Austrian museum These museum goers didn;t 4ust leave their "oats at the "oat... &aos refugees hail Mien6!nglish di"tionary "o... A California missionary and linguist has "ompiled a...

Marathon Mania< #unning on inspiration *pon hearing of the Standard Chartered Hong ,ong Marathon...

&amborghini is 3= years old. We have alluded in re"ent days to poor fore"asting of finan"ial indi"es and sto")s by the bro)ing industry. That has prompted the arrival of a "ouple of reports showing rather good fore"asting prowess. The C&SA 8lobal Consumer se"tor report starts off modestly with< >We had a lu")y year with +=(+. ?ur two top pi")s in 8lobal Consumer @out of a total of +(= sto")sA were Prada @upB((=CA and Sands China @upB33CA. %t transpires that the team has been >lu")y> for the past four years in identifying Ma"au as its favourite "onsumer se"tor. 0ut in an industry whi"h is not usually ba")ward in "oming forward, aren5t they being overly modest in des"ribing the out"ome as >lu")y>D

Aaron is"her, head of Asia "onsumer and gaming resear"h at C&SA, says< >% "ertainly believe in finan"ial mar)ets )arma. Eou need to be "areful about how you des"ribe your tra") re"ord. %f you have a good run it doesn5t pay to get too "o")y about it be"ause it5ll "ome ba") to haunt you and you5ll probably have a bad run.> C&SA5s top pi")s in the gaming se"tor are Mel"o Crown and S$M, and in the Consumer se"tor C&SA thin)s that despite last year5s gains there5s at least += per "ent more to "ome for Prada, Samsonite and &5?""itaine. is"her and his team were not the only ones to get >lu")y> at C&SA. The Asian oil and gas team "omprising Simon Powell and :elson Wang put their "lients into Anton ?ilfield Servi"es at around H,F( and have wat"hed the sto") rise more than --= per "ent over the past (+ months, ma)ing it Hong ,ong 5s best performing sto") last year. 0ut all good things "ome to an end. >We struggle to find a suitable valuation approa"h to 4ustify "urrent pri"e levels and "an only "on"lude that the mar)et is pri"ing in blue6s)y from shale gas, or is e7pe"ting mu"h more growth than the sell side "urrently fore"ast,> they wrote in a re"ent report "alling time on the sto"). Anton, whi"h provides drilling and fra")ing servi"es for oil and gas wells, has fallen by around += per "ent sin"e C&SA5s re"ent sell re"ommendation.

SPR! in t"e fast lane Hong ,ong publi" relations firm SP#8 has done well, surprisingly well some would say, in se"uring a deal with lu7ury sports "ar manufa"turer Automobili &amborghini. %t will a"t as P# firm in its daily operations and ma4or pro4e"ts in China and sele"ted "ountries in Asia6Pa"ifi", a""ording to Marketing magaGine. Aside from in"reasing familiarity to motorists, SP#8 is being hired to build a more dynami" brand image of the label in the "ountry, whi"h is now &amborghini5s se"ond largest mar)et in the world as it "elebrates its 3=th anniversary this year. We5ll )now if SP#8 has been su""essful when the "hildren of senior party offi"ials end up )illing themselves at the wheel of a &amborghini rather than a errari, as they did in a number of highly publi"ised in"idents last year.

Seekin# "appiness We are loo)ing forward with some anti"ipation to seeing what the Promoting Happiness %nde7 oundation and Hong ,ong Produ"tivity Coun"il will "ome up with on Monday at their press "onferen"e. This is the team, it will be re"alled, that last year "ame up with Hong ,ong5s happiness at wor) inde7. The aim of this, a""ording to its website, is >to help Hong ,ong businesses enhan"e staff morale and

"reate a delightful "orporate "ulture "ondu"ive to standing against adversity H> %t has to be said we have yet to e7perien"e the full benefit of this e7er"ise. However, on Monday the team ta)es its wor) a stage further with the laun"h of the >Happy ?rganisation &abel S"heme>. The impli"ation appears to be that happiness in the wor) pla"e "an be enhan"ed by >happy labels>. This appears fan"iful but we don5t want to pre4udge. 8regory So ,am6 leung, Se"retary for Commer"e and !"onomi" 2evelopment, will be presiding over the event. Perhaps he should be renamed Se"retary for Happiness.

Bad name syndrome &i I ung, the largest Hong ,ong6listed trading and distribution "ompany, yesterday warned its "ore operating profit would drop 1= per "ent for the +=(+ finan"ial year whi"h ended on 2e"ember -(, mainly due to problems in its *S subsidiary & *SA. The "ompany repla"ed the president of its *S operations in 2e"ember. He was somewhat unfortunately named #i"hard :i7on 2arling. A "ase of bad )arma, perhaps