Following its take on the pricey Sands China and Wynn Macau, the Swiss brokerage yesterday took a swipe at China Longyuan Power Group Corp in a report entitled: 'How much to pay for a hot concept?'

It went on to say China's biggest wind farm, which made its debut yesterday, was being traded at an implied price-earnings ratio of 60 times, based on its guaranteed profit this year. That made Longyuan twice as expensive as other wind-power producers around the world.

Credit Suisse said Longyuan would need to spend 57 billion yuan (HK$64.7 billion) to meet its expansion plans next year, compared with its net debt of eight billion yuan after listing and about 1.7 billion yuan cash-flow by the end of next year.

Caveat emptor! Longyuan did not take off like the wind, although its shares did rise 9.4 per cent in a falling market to close at HK$8.93.

Orange grower seen as apples

BOC International has caused a few raised eyebrows by naming orange plantation company Asian Citrus Holdings as its best pick among Hong Kong stocks for next year.

Has the brokerage run out of investment ideas? After all, this company was mired in controversy when it listed in Hong Kong 11 days ago and prompted more than 100 people to take to the streets to demand compensation for investment losses due to a misleading offer document.

BOCI chief strategist Anthony Lok admitted it was a difficult choice, but added: 'Sometimes controversy is not a bad thing. Short-term negative news can cause share prices to collapse dramatically, allowing investors an opportunity to buy into something that is fundamentally good at a cheaper price.'

He cited investors who bought China Mengniu Dairy during the tainted milk scandal last year and were now sitting on at least three times profit.

BOCI believes Asian Citrus, being an agricultural stock and the third-largest orange producer in the world, could benefit from rising commodity prices. In terms of valuation, it is a growth company trading at only eight times its price-earnings ratio.

The only problem Lok has with the company is its branding. He said the firm's 'Royal Star' logo (below, left) that appears on every box and on a sticker on every orange, bore a striking similarity to the international biohazard symbol (below, right).

Scandal's silver lining

The Tiger Woods sex scandal just gets tackier and tackier ... and we're not talking about the daily revelations from women who claim to have had an affair with him.

We're referring to the media frenzy that has erupted since the world's most marketable sportsman saw his marriage crisis spill over on to his front lawn and front pages worldwide.

There is no denying that the story has been a boon for the media, especially online publications, some of which have seen traffic climb sixfold since the story broke after the Thanksgiving holiday.

But it has given rise to some tasteless comments, especially from Yahoo chief executive Carol Bartz, who told an investor conference this week the story was 'better than Michael Jackson dying' for helping her company sell advertisements.

'It's kind of hard to put an ad up next to a funeral,' said Bartz, whose minders later insisted it was meant as a joke.

Revolving door

Modern Beauty Salon Holdings must have installed a revolving door in its boardroom, as all three independent non-executive directors have quit and been replaced this month.

First to go was Allan Chen Kai-tai, then Sean Soo, and yesterday it was the turn of Luke Yip Ki-chi. They said their resignations were because of personal commitments or new assignments and there was nothing to be brought to the attention of shareholders.

Yip's seat on the board was immediately taken up by Rhoda Liu Mei-ling, who joined earlier replacements Raymond Wong Man-hin and Martin Hong Po-kui.

Modern Beauty Salon shares have slumped 26.5 per cent in the past three weeks, closing yesterday at 72 HK cents.