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Analysts Tout Shun Tak Holdings

1 April 2005

HONG KONG – As reported by the Dow Jones: "Macau fever and the ensuing mania for the enclave's plays may have cooled in recent months, but it's not too late to take a punt on Shun Tak Holdings Ltd.(0242.HK).

"Shun Tak has a pedigree of successful investments in Macau, say analysts - and shouldn't be lumped in with the many so-called Macau concept stocks that soared late last year even when their connection to the territory was, at best, tenuous.

"…Operating 15 of the city's 17 casinos, Shun Tak, owned by 83-year-old gaming kingpin Stanley Ho, is Macau. And Macau has come a long way since it was a sleepy Portuguese enclave more known as a weekend getaway for Hong Kong residents than as the gambling capital it's become.

"…Shun Tak shares, at their HK$7.35 close Thursday, have more than doubled from their HK$3.279 close on March 29 last year, though they're off their HK$9.15 peak on January 3. The shares, analysts say, are more than just a casino play.

"'We're bullish on Shun Tak because we're bullish on the Macau economy as a whole,' said CLSA analyst Keith Yeung. 'Along with its parent, Shun Tak is the biggest conglomerate in Macau.'…"

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