CLSA

"It would be very disappointing if they were to revisit the investment agreement, " said Andrew Driscoll, analyst at CLSA.

Privately held CLSA does not disclose how much of its revenue comes from China, just that "it is an important part of our business" .

Yet not everyone is a fan of the decoupling thesis. Andy Rothman, China macro strategist with CLSA in Shanghai, says it misses the point.

Goldman Sachs Group Inc. , UBS AG and CLSA Asia-Pacific Markets are the only foreign firms that have underwritten local share sales.

Andy Rothman, an economist at CLSA, a regional broker, believes that Chinese statistics are much more trustworthy than they used to be.

"It was very easy to bring them together and offer the UAE a complete package, " says Mark Yoon of CLSA, a financial-research firm.

The report was intended for clients alone and CLSA had not changed its investment opinions.

Aaron Fischer, CLSA's head of Asian consumer and gaming, said he was surprised by Adelson's bullish forecast.

"Over the next six months, there won't be profits to be made, " said CLSA's solar analyst Charles Yonts.

CLSA analyst Elinor Leung said the deal also may be getting extra scrutiny because it involves an ultra-sensitive sector.

Aashish Agarwal of CLSA, a broker, says he is not too worried about borrowers suddenly being unable to afford interest payments.

However, CLSA makes the point that consensus earnings estimates are too low.

At China Southern Airlines, CLSA says, 69% of the company's debt is in U. S. dollars.

CLSA: 'Baidu will be the immediate beneficiary of Google exiting China as it is the only operator that can provide comparable services.

"China is going from supercharged growth to fast growth, " says Andy Rothman, a Shanghai-based economist at CLSA, the regional brokerage.

Brokerage CLSA describes the measures as 'over the top' and expects them to reduce liquidity and increase volatility in the property market.

No matter: any arrangement would be an improvement over CLSA's current China venture, a minor player in the industry.

Shipping of raw materials now accounts for 13% of the price of rolled steel used in car bodies, estimates CLSA Asia-Pacific Markets.

'Chinese airlines are the biggest beneficiaries of [yuan] appreciation, ' says CLSA Asia-Pacific Markets in a June 21 report.

This has played havoc with many economists' inflation forecasts. "Perhaps I should have become a veterinarian, " says Andy Rothman of CLSA.

"If you look at all the major Chinese manufacturers now they are all making genuine Android-based phones, " said CK Cheng, analyst at CLSA.

Apple wants to slow down the popularity of the Android platform, says CK Cheng, analyst at CLSA.

Few of the ventures-apart from UBS, CICC and CLSA's six-year-old venture-have access to the secondary market to trade Chinese shares.

CLSA Asia-Pacific Markets is widely recognised as a leader in brokerage and investment banking services.

This ability to defend margins is common among Taiwanese technology companies, says Bhavtosh Vajpayee, head of technology research at CLSA.

As for other transportation companies: CLSA says container shippers will be marginally impacted by a changing yuan.

Most Indonesians accept the principle that nobody will invest capital unless they expect a return, says Nick Cashmere of CLSA, a brokerage.

The CLSA survey found manufacturing firms also cut payrolls at the steepest pace on record amid weak global demand for goods.

Citic Securities would own two-thirds of the venture, with CLSA holding the rest.

It was in line with last week's similar reading on December PMI published by CLSA, the brokerage.

Eric Fishwick, head of economic research at CLSA, the brokerage, argues Asian economies are more dependent on exports than ever.

It is the ultimate "too big to fail" global relationship, said Andy Rothman, an analyst in Shanghai for the investment bank CLSA.

"It's a reminder of the risks this acquisition carries, " Vincent Chen, an analyst at CLSA in Taipei, says.

"This is not a crisis situation that requires bringing the big guns out, " said Andy Rothman, China macro economist with CLSA in Shanghai.

However, Chris Wood, an analyst at CLSA, a brokerage, argues that China is doing more for global rebalancing than America.

Respondents in the CLSA survey and Goldman Sachs alike highlight inflation as a major concern in emerging markets in 2011.

CLSA was acting as financial adviser to JCDecaux, but Mr Lam was not directly involved in the transaction.

The French company plans to contribute CLSA and other pieces of its international operation.

Andy Rothman, China analyst for CLSA, said new export orders had finally broken into expansion territory in June.

Over the next five years, some 900, 000 Chinese will enter the wealth ranks, says CLSA.

As brokerage CLSA notes, the Communist party must be the most liquid institution in the world.

Chinese manufacturing activity in December posted its second lowest reading since 2004, when CLSA Asia-Pacific Markets began its survey.

Strengthened domestic demand will help offset continued contraction of export orders, according to CLSA economist Eric Fishwick.

CLSA's contrarian strategist Russell Napier sees a clue to the stock market's direction in toilet paper.

A merger between Cheuvreux and CLSA will also be proposed this year, the French group said.

CLSA, a broker, complains that Japanese firms "express hostility to reforms" .

On February 4th CLSA, a regional broker, issued a report saying Taiwan's economy had deteriorated sharply.

CLSA, the Asian brokerage and investment bank, has hired Wu Changgen, the former Morgan Stanley China chairman, as its first China head.

"Perhaps I should have become a veterinarian, " says Andy Rothman of CLSA.

Andy Rothman, China economist at CLSA, the brokerage, is confident Beijing has enough fiscal firepower to achieve 8 per cent growth.

Andy Rothman, also at CLSA, argues that "in China, there is only a credit crunch when the political leadership wants one" .

Andy Rothman, China strategist at CLSA, says people should not get hung up on that comparison.

CLSA analyst Aaron Fischer believes the Link REIT is Asia's most "defensive" property stock.

Both Goldman Sachs and CLSA, the Asian equity broker, are producing regular studies.

Like Garnaut, Amar Gill, a researcher at brokerage CLSA, says the share of consumption in China's GDP can only rise.

"You have to argue that there's a policy risk in Macau, " said Aaron Fischer, an equities analyst with CLSA.

"The worst advice Goldman has ever given is to itself on how to manage through this, " says Mike Mayo, an analyst at CLSA, a brokerage.

CLSA, however, issued a note to investors saying the price controls wouldn't have much impact on the major listed firms.

'Clients love this report, ' said Simone Wheeler, a spokeswoman for CLSA.

"There is no reason to panic, " said Andy Rothman, economist at CLSA.

CK Cheng, an analyst at CLSA, said HTC is a key beneficiary of China's carriers looking to offer handsets that can compete with the iPhone.

Nearly half said that preservation of principal was their top priority in a 2007 poll by CLSA, a broker.

"I think Google's market share will be split between Baidu and smaller players, " said CLSA analyst Elinor Leung.

The result is that 'controls will have to tighten, ' says Russell Napier, a strategist with CLSA Asia-Pacific Markets.

Demand is growing fast but so is capacity, says Anirudha Dutta of CLSA, a broker.

"There is no basis for them to start relaxing policy now, " says Andy Rothman, an economist at CLSA in Shanghai.

Brokerage CLSA concluded recently that 22 per cent of purchases were investments.

Theresulting overcapacity hurts everyone, says Laurent Halmos of CLSA, abrokerage.

Peter Sutton, head of research at CLSA in Taipei, predicted that the benchmark index would hit 10, 270 by the end of 2009.

As a result, four-fifths of the market is controlled by five big property companies, according to CLSA, the brokerage.

CLSA had forecast October's revenue to rise 43% year-to-year, and Wells Fargo had expected a 45% increase.

There is also a fairly sanguine outlook in a new equity strategy note from broker CLSA.

Earnings growth in non-Japan Asia will likely come in at 42. 3% for the year, according to CLSA Asia-Pacific Markets.

CLSA made similar cuts in 2003 when business slowed due to SARS.

That would still leave Kumho Asiana about 1. 7 trillion won short of its obligations under the put option, according to CLSA, a broker.

CLSA says Zegna is the sixth-largest luxury brand in China by the number of stores where it is sold.

CLSA economists forecast a 11 per cent decline in Taiwan's GDP this year.

This year, 87 per cent of the Asia ex-Japan stocks under CLSA's coverage will pay dividends, up from 60 per cent in 2000.

Smartphone makers now typically achieve 15 to 20 per cent operating profit margins, according to CK Cheng, an analyst at brokerage CLSA.

China accounts for 70 per cent of global coal mining deaths, according to CLSA, the brokerage.

Luxury hotel rates for Macao are as high as $242 on average, compared with $169 for Las Vegas, according to CLSA.

CLSA's call is simple: BUY the sector.

The CLSA survey also includes an index of output prices, which stood at 62. 4.

The loan-to-deposit ratio for Chinese banks is about 68 per cent, according to CLSA.

This is partly because there are alternative numbers to go on; CLSA, for example, produces its own purchasing-managers' index.

By far the gloomiest is CLSA, a broking firm, which is predicting a horrendous 11% drop in 2009.

"[In Hong Kong], high-profile sales are better than advertisements, " says Nicole Wong, regional head of property research at CLSA.

CLSA, for example, produces its own purchasing-managers' index.

"We've come off of 40, then 30 percent growth, " says car analyst Scott Laprise of CLSA.

According to CLSA, a broker, only 7% of foreign buyers were Chinese in 2007: that figure has leapt to 19%.

Another purchasing manager's index, from the CLSA investment bank, also showed a rise in June, to 51. 8 from 51. 2 in May.

A survey by brokerage firm CLSA showed employment and output fell at a record clip in Chinese factories in December.

According to CLSA, a broking firm, oversupply will also weigh heavily on office property in China.

The median personal savings rate has jumped to 5%, up from 2. 9% a decade ago, according to CLSA.

'I don't know the Sichuan company, ' said Scott Laprise, an analyst at CLSA Ltd. in China tracking the auto and steel industries.

In 2008, 18, 000 new flats were bought, according to CLSA.

CLSA, an investment bank based in Hong Kong, also thinks India's growth will pip China's.

Mr. Slone is CEO of CLSA Ltd. , a brokerage and investment group based in Hong Kong.

Others agree with CLSA's views that Hong Kong's H-share market offers plenty of upside next year.

China's IT services exports were worth just $9. 6bn last year while India's were $49. 7bn, according to CLSA, the brokerage.

According to CLSA, total broking commissions in China's A-share market last year exceeded $20bn.

CLSA, a Hong Kong brokerage, recently increased revenue growth targets on the sector to 30 per cent in 2011.

CLSA Limited Shanghai Representative Office

Andy Rothman is the Shanghai-based China macro strategist for CLSA Asia-Pacific Markets

CLSA Clean Water Asia Fund