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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Friday, February 6, 2004, Vol. 7, No. 25

                         Headlines


A U S T R A L I A

COLES MYER: Offers Fuel Discounts to Customers
NATIONAL AUSTRALIA: New CEO Avoids Restructuring Charges


C H I N A  & H O N G K O N G

CHTITOP ENTERPRISES: Winding Up Hearing Set February 4
KAI MEN: Creditors Meeting Set for February 12
TONDEX SHIPPING: Schedules Winding Up Hearing February 4
VIC GARMENT: Faces Winding up Petition


I N D O N E S I A

BANK PERMATA: Posts FY03 Rp533B Profit


J A P A N

ALL NIPPON: Issues Business Performance Update
ALL NIPPON: FSE Delists Shares
ALL NIPPON: Unveils Third Quarter Results
FURUKAWA CO.: R&I Downgrades to BB-
HITACHI LIMITED: Issues Medium-Term Management Plan Update

HITACH LIMITED: Posts 3Q03 Financial Results

* Moody's Upgrade Ratings of Six Japanese Regional Banks


K O R E A

HYNIX SEMICONDUCTOR: Produces NAND Memory Chips
HYUNDAI HEAVY: Swings Back to US$104.36M FY03 Profit
LG CARD: KEB Decides No Bailout


M A L A Y S I A

BERJUNTAI TIN: Issues Financial Status Update
BESCORP INDUSTRIES: Financial Status Remains Unchanged


P H I L I P P I N E S

FORTUNE CEMENT: Stockholders' Meeting Set February 26
LEPANTO MINING: Posts Php112M Profit in 2003
NATIONAL STEEL: Exports 60% Total Output This Year
NATIONAL STEEL: May Declare Special Economic Zone
PHILIPPINE LONG: Signs CBA With Labor Union


S I N G A P O R E

HONG FOK: Striking Off Dormant Unit
LUCUS ORIGIN: Issues Dividend Notice
SMF CONSULTANTS: Petition to Wind Up Pending
SOREX TECHNOLOGY: Releases Dividend Notice


T H A I L A N D

EMC PUBLIC:  SET Allows Securities Listing
SINO THAI: Raises Use of Fund Due to Capital Increase
SINO THAI: Appoints Suthisak Lohsawat as Board Chairman
THAI ENGINE: Clarifies Financial Statements
TONGKAH HARBOUR: Stockholders OK Capital Increase

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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A U S T R A L I A
=================


COLES MYER: Offers Fuel Discounts to Customers
----------------------------------------------
Coles Myer Limited said its customers could now access quality
fuel discount rates from February 2, 2004 after launching its
121 Coles Express service stations throughout the states, a
Company statement said.

Coles Express offers customers who spend $30 or more at Coles,
Bi-Lo, Liquorland, Pick`n Pay Hypermarket, or Coles Central a
four-cent per litre discount on quality Shell fuels.

The launch is part of a national rollout that will cement Coles
Express as Australia's largest fuel retailer, offering customers
the nation's most convenient fuel discount program. Coles
Express will grow to over 580 outlets by March 15, 2004.

Coles Myer Chief Executive Officer John Fletcher said: "The
launch of Coles Express in Queensland and northern New South
Wales gives our customers more bang for their grocery buck.
"From today, we've got a great message for our Queensland
customers - shop with us at Coles, Bi-Lo, Liquorland, Coles
Central or Pick `n Pay and the savings won't stop when you leave
the store."

Coles Express was first launched in Victoria in July last year.
Since then it has expanded to Tasmania, most of New South Wales,
and the Australian Capital Territory. The Northern Territory,
South Australia and Western Australia will complete the national
network when they are launched simultaneously on 15 March.

Fletcher said: "I have no doubt customers are going to find our
offer very appealing. This has certainly been the response at
the more than 350 sites we already operate in NSW, Victoria,
Tasmania and the ACT.

"Our convenient network of service stations coupled with a
discount offer is second to none. When fully rolled out
customers can redeem their discount fuel vouchers on quality
fuel at any one of over 580 conveniently located Coles Express
service stations in Australia."

Alongside the Coles Express fuel offer, a revamped FlyBuys
program means customers can earn points faster and get rewards
sooner. Customers can earn double the standard FlyBuys points
when they use their FlyBuys card at Coles, Coles Central, Bi-Lo,
Liquorland, Pick n' Pay Hypermarket, and Coles Express.

All Coles Express service stations will be branded both Coles
Express and Shell and will display the fuel discount offer
prominently on their price boards.

Customers can find more information at www.colesexpress.com,
including a store locator.

MEDIA ENQUIRIES:

Scott Whiffin, Coles Myer- 0407 850 709
Debbie O'Brien, Coles Express - 03 9829 6003
Helen Morgner, Shell - 03 8823 4070
ATTENTION - NEWS PRODUCERS, CHIEFS-OF-STAFF, FEED CO-ORDINATORS
Coles Myer CEO John Fletcher will conduct a

PRESS CONFERENCE AT 10:30AM EST TODAY, MONDAY FEBRUARY 2
at the Breakfast Creek Coles Express Service Station at 80
Breakfast Creek Road, Breakfast Creek, Queensland


NATIONAL AUSTRALIA: New CEO Avoids Restructuring Charges
--------------------------------------------------------
National Australia Bank (NAB) executive officer John Stewart
aims to avoid write-downs or restructuring charges in his effort
to turn the bank around, Dow Jones reports Wednesday. His
comments came amid market speculation that such charges could
run into hundreds of millions of dollars and cover defunct
software projects, staff reductions and other changes to the
United Kingdom and a top-up of the bank's bad debt provisioning.


============================
C H I N A  & H O N G K O N G
============================


CHTITOP ENTERPRISES: Winding Up Hearing Set February 4
------------------------------------------------------
The High Court of Hong Kong will hear on February 4, 2004 at
9:30 A.M. the petition seeking the winding up of Chtitop
Enterprises Limited.

Yue Yuk Yiu of Room 1040, Wo Hing House, Hing Wah Estate, Chai
Wan, Hong Kong filed the petition on November 26, 2003. Tam Lee
Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina at 34th Floor, Hopewell Centre 183 Queen's Road East,
Wanchai Hong Kong


KAI MEN: Creditors Meeting Set for February 12
----------------------------------------------
Kai Men Tai International Limited (formerly known as Rawfield
International Limited) (in compulsory liquidation) announced
that its creditors' meeting is scheduled on February 12, 2004 at
10:30 in the morning.

Registered Office: 7th Floor, Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong

Meeting of Contributories: 10 A.M. on 12 February 2004

Place: 7th Floor, Allied Kajima Building
       138 Gloucester Road, Wanchai
       Hong Kong

Dated this 30th day of January 2004

NICHOLAS TIMOTHY CORNFORTH HILL
Joint and Several Provisional Liquidator

Presented by RSM Nelson Wheeler Corporate Advisory Services
Limited


TONDEX SHIPPING: Schedules Winding Up Hearing February 4
--------------------------------------------------------
The High Court of Hong Kong will hear on February 4, 2004 at 10
A.M. the petition seeking the winding up of Tondex Shipping
Limited.

Goh Bak Heng of Unit 205, 2/F., Hi-Tech Centre, 9 Choi Yuen
Road, Sheung Shui, New Territories, Hong Kong filed the petition
on December 4, 2003. Angela Wang & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Angela Wang &
Co. at Suite A, 24/F., Entertainment Building, 30 Queen's Road
Central Hong Kong.


VIC GARMENT: Faces Winding up Petition
--------------------------------------
The High Court of Hong Kong will hear on March 17, 2004 at 10
A.M. the petition seeking the winding up of Vic Garment Factory
Limited.

Fung Hung of Flat 5, 28th Floor, Block J, Wing Hing House, Sui
Wo Court, Shatin, New Territories, Hong Kong filed the petition
on December 10, 2003. Cheung & Yip represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Cheung
& Yip at Room 803, 8th Floor, Yue Xiu Building, 160-174 Lockhart
Road, Wanchai Hong Kong.


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I N D O N E S I A
=================


BANK PERMATA: Post FY03 Rp533B Profit
-------------------------------------
PT Bank Permata booked a pretax profit of Rp533 billion (US$63.4
million) in 2003 versus a net loss of Rp843 billion a year
earlier, Asia Pulse reported on Thursday. The Company's
operational income totaled Rp1,403 billion including Rp1,140
billion in net interest income and the rest in fee based income.

The bank's Finance Director J. Gerogino Godong attributed the
progress made in its financial performance to improved quality
of productive assets and an increase in credit extension to
small, and medium enterprises.


=========
J A P A N
=========


ALL NIPPON: Issues Business Performance Update
----------------------------------------------
All Nippon Airways Co Ltd. (ANA) announced its business
performance outlook in the third quarter ending December 31,
2003 as follows:

The consolidated revenues at the end of the first nine months of
the fiscal year under review were affected by the war in Iraq,
which occurred at the start of the period, and by the outbreak
of Severe Acute Respiratory Syndrome (SARS). However, they
improved with the full-scale recovery of demand for
international air transportation in the latter half of the
fiscal year.  As a result, operating revenues reached 921.4
billion yen, 0.5% below the same period in the previous year.
In terms of profit, the ANA Group has aggressively reformed its
cost structure and consequently secured a consolidated operating
income of 30.8 billion yen (a 17.7 billion-yen increase compared
with the same period in the previous year), and a net income for
this period of 27.5 billion yen (a 41.7 billion-yen increase
compared with the same period in the previous year).

The performance of each business segment is as follows.  (Note
that the sales for each segment include internal sales figures
among segments.)

AIR TRANSPORTATION

With continued sluggish demand, the domestic air transportation
sector faced fierce competition for customers between the
airlines and with JR in the shape of its Shinkansen bullet
trains. The July increase in normal fares and various airfare
promotions helped the unit revenue to increase in a steady
manner, nevertheless, falling numbers of air travelers meant
revenues dropped by 3.9 billion yen compared with the same
period in the previous year.

As for the international side of the Group's air transportation
operations, the 3rd Quarter saw the return of demand for leisure
travel and subsequent increased profits.  This followed the
return of business travel demand in the 2nd Quarter.

Although revenues in the period under discussion were down by
9.3 billion yen compared with the previous year, demand for
international travel can be said to have fully recovered.

Set against this background, the Group airlines responded
flexibly to changes in demand, attempting to improve
competitiveness by increasing flights on major domestic routes
in the first half of the fiscal year, while also endeavoring to
cut costs by temporarily suspending or decreasing the number of
flights on routes to China and other parts of Asia. The impact
of SARS had apparently ended by the 3rd Quarter, and the Group
airlines were then able to increase capacity on Chinese routes
when demand returned. Also, new services have been added since
November, such as a scheduled midnight cargo route between Tokyo
and Sapporo, and a daily charter passenger flight between
Tokyo's Haneda airport and Seoul's Kimpo airport, as one way to
improve profits.

As a result of the cost cutting and restructuring measures,
revenues in the Air Transportation segment were down by only 2.2
billion yen from the same period in the previous year, and an
operating profit of 25.7 billion yen.

TRAVEL SERVICES

International travel experienced a serious drop in demand in the
first half of the year due to the influence of SARS. By
contrast, high demand and our aggressive promotions throughout
the year helped domestic travel sales improve by 2.1 billion yen
from the same nine-month period in the previous year, with an
operating income of 1.6 billion yen.

HOTEL OPERATIONS

This segment recorded a drop in revenue of 3.9 billion yen for
the nine months under review, mainly because two overseas hotels
were sold and consequently excluded from the scope of
consolidation. In the Domestic Hotel Division, the emergence of
urban style hotels was mainly responsible for the fall in
revenues, particularly in the first half of the fiscal year, due
to the sluggish economy and the decreased number of foreign
visitors after the SARS outbreak. In the last half of the fiscal
year, however, the Accommodation and Banquet Division appears to
have bottomed-out, and an operating loss of 0.1 billion yen was
posted for the nine months to the end of December.

OTHER BUSINESSES

With the decreased number of international passengers due to the
influence of SARS, subsidiaries involved in international air
travel reservations and the sales of duty-free goods showed
decreased profits. The Real Estate and Building maintenance
business performed well, realizing a sales increase of 3.7
billion yen against the same period in the previous year, and an
operating income of 2.9 billion yen.


ALL NIPPON: FSE Delists Shares
------------------------------
All Nippon Airways Co. Ltd. (ANA) will be delisted from the
Frankfurt Stock Exchange (FSE) because of low trading volume,
the Financial Times reports. The delisting will be completed by
the end of July. ANA's shares will continue to trade on the
Tokyo and London Stock Exchanges and on the Osaka Securities
Exchange.

The carrier booked a profit of 6.9 billion yen in the September
to December 2004 quarter due to continued cost-cutting efforts
and a recovery in both business and leisure travel demand, which
had been spoiled by the outbreak of the severe acute respiratory
syndrome (SARS) in Asia. ANA posted a net loss of 6 billion yen
in the same period a year ago.


ALL NIPPON: Unveils Third Quarter Results
-----------------------------------------
All Nippon Airways Co Ltd. announced that its free cash flow as
of the third quarter of this year was negative 5.8 billion yen
for the nine-month period, a Company statement said.  Although
operating inflow was 57.3 billion yen, a cash outflow of 63.2
billion yen was registered from investing activities, mainly
into aircraft.  In addition, in terms of financial activities,
while the Group repaid outstanding loans, it also raised funds
through a new bond/debenture issue. As a result, the balance of
cash and cash equivalents increased by 31.1 billion yen.

Overall, combined assets have increased by 81.3 billion yen due
to an increase in liquid assets and the fixed assets (mainly
aircraft); interest-bearing debt (loans payable and bonds
payable) increased by 38.6 billion yen; and equity capital
increased by 28.5 billion yen, as compared with the performance
in March 31, 2003.


FURUKAWA CO.: R&I Downgrades to BB-
-----------------------------------
Rating and Investment Information, Inc. (R&I) has removed the
Senior Long-term Credit Rating of Furukawa Co. Ltd. from the
rating monitor scheme downgraded them as follows:

ISSUER: Furukawa Co., Ltd.
Senior Long-term Credit Rating: BB-
(Downgraded from BB; Removed from the Rating Monitor scheme)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 1 Dec 11, 1996 Mar 31, 2006 Yen 25,000
Unsec. Str. Bonds No. 3 Oct 18, 2000 Oct 18, 2005 Yen 5,000
Unsec. Str. Bonds No. 4 Dec 20, 2000 Dec 20, 2004 Yen 5,000
Unsec. Str. Bonds No. 5 Dec 20, 2000 Dec 20, 2007 Yen 5,000

RATIONALE:

Furukawa Co., Ltd. made a decision to shut down its Australian
copper refinery, Port Kembla Copper (PKC), where the business
situation had deteriorated due to its low operating level
because of equipment failure. Considerable losses were
subsequently posted for the September 2003 midterm and the
fragility of the company's financial base became apparent. In
addition to pressing forward with measures to increase capital,
which included the sale of its hydroelectric power business, a
merger with its real estate subsidiary, and allocation of new
shares to a third party, the company is expected to record
earnings and profits in the future through the sale of
securities.

At the same time, however, there is some concern that additional
costs and losses will be incurred due to conditions of sale for
PKC and, consequently, it is likely to take some time for
financial composition to improve sufficiently. Therefore, R&I
has downgraded the Long-term Senior Credit Rating to BB- and the
Long-term bonds rated here to B+, reflecting a one-notch
recovery risk. R&I believes that the deficit in consolidated
results as well as the negative cash flow will be reduced in the
future as a result of the suspension of PKC operations and that
the results of the parent company are beginning to improve due
in part to a restructure. Therefore, R&I have removed the
ratings from the rating monitor scheme.


HITACHI LIMITED: Issues Medium-Term Management Plan Update
----------------------------------------------------------
Hitachi Limited announced the update of its medium-term
management plan "i.e.HITACHI Plan II." designed to achieve
positive future inspiration value (FIV(a) in fiscal 2005.

Hitachi is realigning its business portfolio based on reviews of
the activities and growth potential of all businesses. With many
of the acquisitions and joint ventures conducted thus far having
proven successful, targeted businesses are expected to grow
between now and fiscal 2005.

Moreover, Hitachi is actively making investments in R&D in the
ubiquitous application products, the automotive equipment,
biomedical and other businesses, all of which are expected to
expand from fiscal 2006 onward. Advanced research, the
wellspring of future growth, is another area where Hitachi is
bolstering R& D.

At present, Hitachi expects it will be capable of generating
consolidated operating income in excess of 400 billion yen on
net sales in the order of 9 trillion yen in fiscal 2005. Based
on this assumption, Hitachi expects to generate positive FIV
that year.

1.  Progress With Realigning the Business Portfolio and Measures
to Increase Profitability

Hitachi is projecting that consolidated net sales in fiscal 2005
will be approximately 650 billion yen higher than in fiscal 2002
due to the acquisition of IBM Corporation's hard disk drive
(HDD) operations, the acquisition of Sumitomo Special Metals
Co., Ltd. by Hitachi Metals, Ltd. and other business portfolio
realignment actions. Conversely, the transfer of Hitachi, Ltd.'s
semiconductor operations to joint venture Renesas Technology
Corp. and other developments are expected to lower net sales
over the same period by approximately 540 billion yen.

The integration of semiconductor operations in joint ventures,
which are accounted for as equity-method affiliates, has
bolstered competitiveness and improved earnings.

In the display business, earnings have improved significantly by
changing the product mix. The focus in this business has shifted
from the highly volatile notebook PC market to small and medium-
size LCD panels, particularly for the expanding market in Japan
for mobile phones featuring color screens. Growth in LCD panels
for flat panel TVs is another factor behind the improvement in
earnings. At this time, Hitachi has decided to invest an
additional 12 billion yen in a production line for low-
temperature polysilicon TFT LCDs in response to increasing
demand for mobile phones equipped with high-resolution color
displays.

In the consumer business, Hitachi Home & Life Solutions, Inc.
has initiated structural reforms, mainly focused on reducing
fixed expenses. Initiatives such as expanding sales in Japan of
home appliances manufactured overseas are intended to give the
company a more competitive structure, particularly regarding
fixed costs, with which it can expand its business going
forward. Meanwhile, Hitachi, Ltd.'s Ubiquitous Platform Systems
Group has reorganized and integrated bases producing CRT TVs,
VTRs and other existing audio-visual products in Japan and
overseas, while refocusing on digital consumer electronics, a
category which includes plasma TVs, projection TVs and optical
storage drives.

In addition to these initiatives, Hitachi has been pushing ahead
with Corporate Innovation Initiative II to improve
profitability. Measures include upgrading cash flow management
and initiatives to reduce expenses. Moreover, Hitachi is
continuing with measures designed to nurture employees and
create new businesses, including the establishment of virtual
venture companies by " corporate senior staff." The objective is
to turn venture companies into full- fledged businesses much in
the same manner as Hitachi has done with Mu- Solutions. With FIV
as its key management benchmark, Hitachi is thus working on many
fronts to improve profitability while creating attractive
products and services that dovetail with customer needs.

2.  Measures for Continuous Growth

In tandem with business portfolio realignment, Hitachi is
pushing ahead with measures to ensure growth over the medium and
long terms. Investments are being made in R&D in the automotive
equipment, battery, biomedical and other businesses, all of
which are expected to grow significantly going forward. An
example is a pilot production line for rechargeable lithium-ion
batteries.

Businesses where Hitachi can best leverage its strengths, in an
environment where elemental technologies and markets now cut
across several different business groups, will be designated as
"Inspire A Businesses." Hitachi is prepared to take whatever
steps are necessary to strengthen these businesses, including
strategically allocating funds and establishing an operating
framework that facilitates collaboration across many businesses
in the Hitachi Group.

In Information & Telecommunication Systems, efforts are being
made to upgrade Hitachi's development capabilities with respect
to disk array subsystems, HDDs and other hardware, as well as
middleware and other software. Hitachi will explore alliances
with other companies and conduct M&As, as required, to better
facilitate the provision of total solutions in this field, which
is a key component of a ubiquitous information society.

In Power & Industrial Systems, structural reforms are being
implemented to Hitachi, Ltd.'s Power & Industrial Systems Group
to improve earnings.

In the display business, Hitachi is continuing with the
development of a next- generation display device that achieves
high picture quality and low power consumption.

Hitachi has positioned the consumer market as an important
market for providing "New Era Lifeline Support Solutions." At
the heart of this stance is establishment of the Consumer
Business Strategy Division to open up new markets through a
business model transformation--switching from a household
appliance business operated along individual product lines to a
consumer products business that directly supports individuals'
lifestyles as a vital part of the social infrastructure. Headed
by President and CEO Etsuhiko Shoyama, this new body's
activities will extend beyond the scope of the current consumer
field. It will capitalize fully on the resources of Hitachi's
consumer products business as well as the involvement Hitachi
Air Conditioning Systems Co., Ltd. and Hitachi Industrial
Equipment Systems Co., Ltd. have in the technology and business
spheres. The goal is to create viable consumer business models
for the ubiquitous era.

Moreover, Hitachi is actively investing in advanced research
fields that are of common interest to the Group. These are
fields in which the Hitachi Group can give full play to its
strengths from a long-term perspective.

Together, these investments, including ongoing investments in IT
to facilitate faster decision-making, are intended to support
consistent growth.

Hitachi is accelerating the pace of its transformation into a
highly profitable organization as it aims to expand and achieve
positive FIV in fiscal 2005, a goal of "i.e.HITACHI Plan II,"
and generate consistent growth afterward.

Note (a): FIV is Hitachi's economic value-added evaluation index
in which the cost of capital is deducted from after-tax
operating profit. After-tax operating profit must exceed the
cost of capital to achieve positive FIV.

CONTACT:

Japan:
Hitachi, Ltd.
Yasuo Hirano, 3-3258-2056
yasuo_hirano@hdq.hitachi.co.jp

China:
Hitachi (China) Investment, Ltd.
Yuji Hoshino, 10-6590-8141
y_hoshino@hitachi.com.cn

U.S.A.:
Hitachi America, Ltd.
Matt Takahashi, 650-244-7902
masahiro.takahashi@hal.hitachi.com

U.K.:
Hitachi Europe Ltd.
Kantaro Tanii, 1628-585379
kantaro.tanii@hitachi-eu.com


HITACH LIMITED: Posts 3Q03 Financial Results
--------------------------------------------
Hitachi Limited announced its consolidated financial results for
the third quarter of fiscal 2003, which ended December 31, 2003
as follows:

During the quarter, the U.S. economy, driven by consumer
spending and plant and equipment investment, remained strong. In
addition, Asian economies staged an export-led recovery. Amid
falling product and service prices as deflation persisted, the
Japanese economy as a whole continued its resurgence, supported
in part by the upswing in private-sector plant and equipment
investment.

Against this backdrop, net sales rose 7% year on year, to
2,046.9 billion yen (US$19,131 million). This came amid major
year-on-year changes in the Information & Telecommunication
Systems and Electronic Devices segments that resulted from
ongoing business portfolio realignment across the Hitachi Group.
Operating income climbed 391%, to 63.2 billion yen (US$591
million) with major contribution from improved earnings in
Electronic Devices and Digital Media & Consumer Products
segments as well as the positive effect of return of the
substitutional portion of the Employees Pension Fund to the
government.

By segment, Information & Telecommunication Systems sales
increased 26%, to 514.5 billion yen (US$4,809 million),
reflecting a solid performance in software and services, notably
in outsourcing services, and hardware operations were bolstered
by the inclusion of sales from hard disk drive (HDD) operations
acquired from IBM Corporation. Another factor was firm sales of
base stations for data communication systems for third-
generation mobile phones in Japan. The segment saw its operating
income leap 640%, to 13.4 billion yen (US$125 million) .

In Electronic Devices, segment sales declined 12%, to 334.8
billion yen (US$3, 130 million), mainly reflecting the April
2003 transfer of most semiconductor operations to equity-method
affiliate Renesas Technology Corp., a joint venture with
Mitsubishi Electric Corporation. Sales of Displays grew sharply
on brisk demand for TFT LCDs for mobile phones and large flat
screen TVs. The segment posted operating income of 11.8 billion
yen (US$111 million), reversing an operating loss of 6.0 billion
yen (US$56 million) a year earlier. Improved profitability in
displays contributed to the turnaround.

In Power & Industrial Systems, sales decreased 3%, to 482.0
billion yen (US$4, 505 million) due to sluggish sales of power
generation equipment, which negated growth in sales to overseas
markets at Hitachi Construction Machinery Co., Ltd. Operating
income dipped 68%, to 3.0 billion yen (US$28 million), despite
higher earnings at Hitachi Construction Machinery. The lower
profit was attributable to deterioration in profits in power
generation equipment as sales declined, as well as to additional
work at environmental plant projects in Japan.

In Digital Media & Consumer Products, sales rose 7%, to 328.3
billion yen (US$ 3,069 million), overcoming lackluster demand in
Japan for home appliances and lower sales of heating appliances
due to the mild winter. Moreover, at Hitachi Maxell, Ltd., while
sales of recordable DVDs increased, sales were sluggish for
computer tapes and lithium ion batteries for mobile phones.
Pacing growth in segment sales were higher sales of plasma TVs
and optical disk drives in a growing market, as well as sharply
higher sales of mobile phones. Segment operating income soared
313%, to 11.3 billion yen (US$106 million), as structural
reforms led to improved profits in home appliances and earnings
increased from optical disk drives.

In High Functional Materials & Components, sales increased 6%,
to 329.8 billion yen (US$3,083 million). At Hitachi Cable, Ltd.,
sales of wires and cables increased while sales of electrical
equipment and construction were weak. Materials for
semiconductors and LCDs recorded At Hitachi Chemical Co., Ltd.,
sales growth. At Hitachi Metals, Ltd., sales were lackluster in
construction components, plant and equipment, but remained
strong in electronic materials. Segment operating income climbed
110%, to 14.9 billion yen (US$139 million).

In Logistics, Services & Others, sales decreased 18%, to 307.6
billion yen (US$2,876 million), despite strong sales from the
logistics solutions business at Hitachi Transport System, Ltd.
Overseas sales companies saw sales decline due to the transfer
of semiconductor sales operations to the newly established
Renesas Technology, and the transfer of HDD sales operations to
Hitachi Global Storage Technologies. Segment operating income
rose 28%, to 3.4 billion yen (US$32 million).

In Financial Services, low interest rates and a declining volume
of automobile loans to individuals affected results. Segment
sales edged down 3%, to 137.9 billion yen (US$1,289 million).
However, operating income climbed 137%, to 7.3 billion yen
(US$69 million).

Other income jumped 149%, to 18.2 billion yen (US$171 million),
despite lower interest income and dividends received. This
increase was mainly attributable to higher gains on the sale of
marketable and investment securities. Other deductions increased
80%, to 35.3 billion yen (US$330 million), due partly to charges
for structural reforms.

As a result, Hitachi recorded income before income taxes and
minority interests of 46.1 billion yen (US$432 million), and
after 39.2 billion yen (US$ 367 million) in income taxes, income
before minority interests of 6.9 billion yen (US$65 million).
Hitachi recorded net income of 2.5 billion yen (US$24 million),
reversing a net loss of 2.2 billion yen (US$21 million) a year
earlier.

FINANCIAL POSITION

Operating activities used net cash of 56.9 billion yen (US$532
million), 26.7 billion yen (US$250 million) more than a year
earlier, the result primarily of higher inventory levels to meet
expected sales in the fourth quarter.

Investing activities used net cash of 132.4 billion yen
(US$1,238 million), 205.5 billion yen (US$1,921 million) less
year on year. The decrease was mainly due to the payment for the
acquisition of the hard disk drive operations from IBM
Corporation in the third quarter of the previous year.

Free cash flows, the sum of cash flows from operating and
investing activities, were an outflow of 189.3 billion yen
(US$1,770 million), an improvement of 178.7 billion yen
(US$1,670 million) year on year.

Financing activities provided net cash of 103.3 billion yen
(US$966 million), a decrease of 166.1 billion yen (US$1,553
million) over the net cash provided in the previous fiscal year,
mainly due to a smaller increase in interest-bearing debt.

Cash and cash equivalents as of December 31, 2003 amounted to
614.5 billion yen (US$5,744 million), a net decrease of 94.4
billion yen (US$883 million) during the third quarter.

Debt as of December 31, 2003 stood at 2,797.0 billion yen
(US$26,141 million), 94.4 billion yen (US$883 million) higher
than at September 30, 2003 as a result of an increase in short-
term debt.

Capital investment on a completion basis rose 16%, to 213.5
billion yen (US$1, 996 million). Of this, investment for
internal use assets declined 5% to 70.1 billion yen (US$656
million) while investment for leasing assets increased 30% to
143.3 billion yen (US$1,340 million). Depreciation decreased 3%,
to 113.9 billion yen (US$1,065 million) and R&D expenditures
amounted to 86.6 billion yen (US$810 million), a decrease of 4%
from the previous year, and corresponded to 4.2% of net sales.

All figures were converted at the rate of 107 yen = U.S.$1, the
approximate exchange rate on the Tokyo Foreign Exchange Market
as of December 30, 2003.


* Moody's Upgrade Ratings of Six Japanese Regional Banks
--------------------------------------------------------
Moody's Investors Service has upgraded the credit ratings of six
Japanese regional banks namely Ashikaga Bank, Limited
(Ashikaga), Hokuriku Bank, Limited (Hokuriku), Hokkaido Bank,
Limited, Kiyo Bank, Limited, Fukuoka City Bank, Limited, and
Nishi-Nippon Bank, Limited. The credit ratings of the overseas
subsidiaries guaranteed by these entities have also been
upgraded. The rating outlooks are stable.

The deposit ratings of the six regional banks have been upgraded
to Baa3 and Prime-3. The rating action is based on Moody's
increased confidence that going forward depositors at these
banks - which exhibit relatively small operational scales
compared to the major banks, but are all crucial to overall
money flows in their respective operating regions - will be
eligible for adequate levels of regulatory support in times of
need.

Moody's view is in part corroborated by the fact that the
government recently decided to - while at the same time fully
securing depositor claims - temporarily nationalize Ashikaga.
This action occurred immediately after it was evident that
Ashikaga had become insolvent due to the complete rejection of
its deferred tax assets and large-scale credit costs for
FYE9/03.

The following banks and ratings were upgraded:

Ashikaga Bank, Limited - Long- and short-term deposit ratings to
Baa3/Prime-3 from Ba1/Not Prime, long-term issuer rating to Baa3
from Ba2.

Ashikaga Bank, Limited, headquartered in Utsunomiya, is the
largest regional bank in Tochigi Prefecture. Its consolidated
total asset size was around JPY5.0 trillion as of September 30,
2003.

Fukuoka City Bank, Limited - Long- and short-term deposit
ratings to Baa3/Prime-3 from Ba1/Not Prime.

Fukuoka City Bank, Limited, headquartered in Fukuoka, is the
third largest regional bank in Fukuoka Prefecture. Its
consolidated total asset size was around JPY3.0 trillion as of
September 30, 2003.

Hokkaido Bank, Limited - Long- and short-term deposit ratings to
Baa3/Prime-3 from Ba1/Not Prime.

Hokkaido Bank, Limited, headquartered in Sapporo, is the second
largest regional bank in Hokkaido Prefecture. Its consolidated
total asset size was around JPY3.4 trillion as of September 30,
2003.

Hokuriku Bank, Limited - Long- and short-term deposit ratings to
Baa3/Prime-3 from Ba1/Not Prime. Hokuriku International Cayman
Limited - Senior and junior subordinated debt ratings to Ba1
from B1/B3.

Hokuriku Bank, Limited, headquartered in Toyama, is the largest
regional bank in Toyama Prefecture. Its consolidated total asset
size was around JPY5.7 trillion as of September 30, 2003.

Kiyo Bank, Limited - Long- and short-term deposit ratings to
Baa3/Prime-3 from Ba1/Not Prime.

Kiyo Bank, Limited, headquartered in Wakayama, is the largest
regional bank in Wakayama Prefecture. Its consolidated total
asset size was around JPY2.8 trillion as of September 30, 2003.

Nishi-Nippon Bank, Limited - Long- and short-term deposit
ratings to Baa3/Prime-3 from Ba1/Not Prime, senior unsecured
debt rating to Baa3 from Ba2, senior subordinated debt rating to
Ba1 from B1.

Nishi-Nippon Bank, Limited, headquartered in Fukuoka, is the
second largest regional bank in Fukuoka Prefecture. Its
consolidated total asset size was around JPY4.0 trillion as of
September 30, 2003.


=========
K O R E A
=========


HYNIX SEMICONDUCTOR: Produces NAND Memory Chips
-----------------------------------------------
Hynix Semiconductor Inc. (www.hynix.com) has completed the
development of its first 512Mb Nand flash memory product using
120nm (1nm = 1 over 1 billion meter) process technology and
plans to enter into volume production in February, a Company
statement said.

The newly developed 512 Mb Nand flash memories (can store more
than one hour length of MP3 files and four thousand pages of
newspaper) are believed to contribute to the company's
profitability along with the premium products such as Pseudo
SRAM and Handy SDRAM (low power SDRAM).

Meanwhile, Hynix has established `Flash Division' in order to
secure the foothold in the explosively expanding Nand flash
memory market, and has set plans to develop 1Gb and 2Gb products
using 90nm process technology by fourth quarter of 2004 and
develop products using 70nm process technology in 2005 targeting
No. 3 Nand flash memory player.

Unlike DRAMs, Nand flash memories can preserve data even when
the power is off and are easy to read and write. For such
advantages, Nand flash memories are used widely for applications
such as digital TVs, digital still cameras, digital camera
recorders, mobile phones, PDAs, MP3 players and game consoles.


HYUNDAI HEAVY: Swings Back to US$104.36M FY03 Profit
----------------------------------------------------
Hyundai Heavy Industries Co. booked a net profit of 122.1
billion won (US$104.36 million) in 2003, versus a net loss of
245.4 billion won a year earlier, Yonhap News reported on
Wednesday. The world's largest shipbuilder attributed its
improved bottom line to a number of positive factors, including
strong sales growth, reduced debt load and greater returns from
equity investments.


LG CARD: KEB Decides No Bailout
-------------------------------
Korea Exchange Bank (KEB) has decided not to participate in a
massive bailout for troubled LG Card Co., Yonhap News reports.
The creditor's move is feared to scupper a US$1.9 billion rescue
plan for LG Card, the country's largest credit card issuer
floundering under hefty debts.

The bailout package called for creditors to convert one trillion
won (855 million dollars) of debt into equity and injects 1.65
trillion won in new funds by the end of this month, in addition
to the 800 billion won from LG Group units.


===============
M A L A Y S I A
===============


BERJUNTAI TIN: Issues Financial Status Update
---------------------------------------------
The Board of Directors of Berjuntai Tin Dredging Berhad (BTD)
announces that the status of its plan to regularize its
financial condition remains unchanged from what the Company had
announced on January 26, 2004.


BESCORP INDUSTRIES: Financial Status Remains Unchanged
------------------------------------------------------
Bescorp Industries Berhad is required to announce the status of
its plan to regularize its financial condition on a monthly
basis until further notice from the Kuala Lumpur Stock Exchange
(KLSE).

The Securities Commission (SC) had on 2 October 2003 approved
the waiver/modification sought in respect of WCT Land Berhad's
(formerly known as WCT Realty Sdn Bhd) (WCTL) properties prior
to the implementation of the proposed acquisition of BIB by
WCTL, subject to certain conditions which include, inter alia,
that an announcement on the status of the applications in
relation to the properties of WCTL being made to the Exchange on
a quarterly basis and a copy of the announcement being furnished
to the SC.

A table of the status of applications as at 31 December 2003 was
duly furnished to the Exchange. Save for the above, there were
no further developments since our previous announcement with
regard to this Practice Note.


=====================
P H I L I P P I N E S
=====================


FORTUNE CEMENT: Stockholders' Meeting Set February 26
-----------------------------------------------------
Further to Circular for Brokers No. 321-2004 dated January 23,
2004, Fortune Cement Corporation (FCC) furnished the Philippine
Stock Exchange a copy of its SEC Form 17-IS (Definitive
Information Statement) in connection with its Special
Stockholders' Meeting which will be held on February 26, 2004 at
9 A.M. at the Balagtas Room, Manila Peninsula, Makati City.

As previously announced, "Only stockholders of record as at the
close of business of January 28, 2004 are entitled to notice of,
and to vote at, this meeting. A copy of FCC's Definitive
Information Statement can be downloaded at the PSE website:
www.pse.com.ph (under listed companies)


LEPANTO MINING: Posts Php112M Profit in 2003
--------------------------------------------
Lepanto Consolidated Mining Co. posted a profit of 112 million
pesos in the second half of 2003, according to Dow Jones. In
previous filings with the Philippine Stock Exchange, Lepanto
Mining reported a net loss of PHP124 million in the first half
of 2003 compared with a net profit of PHP197.1 million a year
earlier. Over the same period, revenue declined to PHP663.3
million from PHP980.6 million.

Lepanto Mining said it produced 56,640 ounces of gold in the
second half, up 67 percent from 33,780 ounces in the first half
of last year.


NATIONAL STEEL: Exports 60% Total Output This Year
--------------------------------------------------
The newly reopened National Steel Corporation will export 60
percent of its total output this year, according to the firm's
new owners, Global Infrastructure Holdings Incorporated,
Business World reported on Friday. Under this plan, National
Steel will export 900,000 metric tons out of its estimated total
output of 1.5 million metric tons.

National Steel employees said the sound of the crane was music
to their ears as it signaled the revival of the firm, once a
major source of their income.


NATIONAL STEEL: May Declare Special Economic Zone
-------------------------------------------------
The Philippine government will study the possibility of
declaring the National Steel Corporation (NSC) plant site in
Iligan City as a special economic zone, according to the
Philippine Star, citing Philippine President Gloria Macapagal
Arroyo. Arroyo praised former Trade and Industry Secretary
Manuel Roxas II for his effort in settling the dispute among the
creditor-banks and brokering the entry of new investors in NSC.


PHILIPPINE LONG: Signs CBA With Labor Union
-------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) has signed a
collective bargaining agreement (CBA) with its labor union
covering the period 2004-2006 involving 1.2 billion pesos, the
Philippine Star said on Thursday. PLDT management `blinked' and
gave-in to the union's economic demands of a 1,800 pesos
increase for year one, 1,850 pesos for year two and 2,450 pesos
in year three. Over and above this increase, the union was able
to get a substantial signing bonus larger than their one-month
salary.

The signing of the CBA came in the wake of threats made by the
union that unless its demands are met soon, its members are
ready to go on strike. PLDT's wireline business continued to
operate at a loss. It is expected that the business will end up
with a 1 billion pesos loss in 2003.


=================
S I N G A P O R E
=================


HONG FOK: Striking Off Dormant Unit
-----------------------------------
The Directors of Hong Fok Corporation Limited announced that its
unit Hong Fok Construction (Malaysia) Sdn. Bhd. (HFCM) had been
struck off from the register of companies of the Companies
Commission of Malaysia on 13 January 2004. HFCM was incorporated
in Malaysia and had been dormant since 1992. Following the
striking off, HFCM ceased to be a subsidiary of the Company.

The striking off of HFCM is not expected to have a material
impact on the earnings per share and net tangible asset value
per share of the Hong Fok group for the current financial year
ending 31 December 2004.

None of the directors or substantial shareholders of the Company
has an interest, direct or indirect, in the striking off of
HFCM.


LUCUS ORIGIN: Issues Dividend Notice
------------------------------------
Lucus Origin Pte Ltd. (In Creditors' Voluntary Liquidation)
issued a notice of dividend as follows:

Address of former registered office: 159 Kampong Ampat
#07-00 Ka Place Singapore 368328.

Amount per centum: 2.0 percentum of all admitted ordinary
claims.

Name of liquidators: CHEE YOH CHUANG & LIM LEE MENG.

First and final or otherwise: First and final.

When payable: 6th February 2004.

Where payable: Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

Dated this 4th day of February 2004.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


SMF CONSULTANTS: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up SMF Consultant Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
February 13, 2004 at 10 o'clock in the morning. Hitachi Credit
Singapore Pte Ltd., a creditor, whose address is situated at 268
Orchard Road #11-01, Singapore 238856, filed the petition with
the court on January 20, 2004.

The Petitioner's Solicitors are Messrs Guan Teck & Lim of 139
Cecil Street, #03-02 Cecil House, Singapore 069539. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Guan Teck & Lim a notice in writing
not later than twelve o'clock noon of the 12th day of February
2004 (the day before the day appointed for the hearing of the
petition).


SOREX TECHNOLOGY: Releases Dividend Notice
------------------------------------------
Sorex Technology Pte Ltd. issued a notice of second and final
dividend as follows:

Address of Registered Office: Formerly of 4012 Ang Mo Kio Avenue
10, #07-08 Tech Place 1, Singapore 569628.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 151 of 1996.

Amount Per Centum: 0.27%.

First and Final or otherwise: Second & Final Dividend.

When Payable: 26th January 2004.

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated: 30th January 2004.

MOEY WENG FOO
Assistant Official Receiver.


===============
T H A I L A N D
===============


EMC PUBLIC:  SET Allows Securities Listing
------------------------------------------
The Stock Exchange of Thailand (SET) has allowed the securities
of EMC Public Company Limited (EMC) to be listed on the Thailand
Stock Exchange starting February 6, 2004, after finishing
capital increase procedures.

However, EMC is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of EMC until the causes of
delisting are eliminated and it has completed the condition
specified by the SET to resume trading in normal sector.

Name: EMC
Issued and Paid up Capital
Old: 289,278,977 Baht
New: 319,278,977 Baht
Par value: 1 Baht
Allocate to: Conversion of debt to equity to Bangkok Bank public
company limited amounts 30,000,000 common shares
Ratio: -
Conversion Price: 1 Baht
Registration Date:  29 January 2004


SINO THAI: Raises Use of Fund Due to Capital Increase
-----------------------------------------------------
Sino-Thai Resources Development Public Co., Ltd. has raised its
capital with new ordinary common shares of 7 million at 3.40
Baht per share (Par 10 Baht), and converted debt into equities
as follows:

1. April 29, 2003: The Company converted debt into equities by
issuance of 1 million share at the offering price of Baht 3.40
per share.

2. August 27, 2003: The Company issued its increased share
capital of 1 million shares at the offering price of Baht 3.40
per share.

3. September 2, 2003: The Company issued its increased share
capital of 3 million shares at the offering price of Baht 3.40
per share.

4. September 4, 2003: The Company issued its increased share
capital of 2 million shares at the offering price of Baht 3.40
per share.

As indicated details shown on clause 2-4, the Company increased
capital of Baht 20,400,000.  The use of fund is as follows:


                                        (Million Baht)
1. Debts repayment
- Loan repayment                         12.84
- Trade account payable                   3.28

2. Working Capital                       4.28
                                 Total  20.40

(Cholapan Vongsing)
Assistant Managing Director


SINO THAI: Appoints Suthisak Lohsawat as Board Chairman
-------------------------------------------------------
Sino-Thai Resources Development Public Company Limited has
appointed Mr. Suthisak Lohsawat as the Chairman of its Board of
Directors effective January 30, 2004. It is therefore, informed
for your acknowledgment and dissemination to the public and
other investors.

Yours sincerely,
Sino-Thai Resources Development Plc.
(Mr.Cholapan  Vongsing)
Assistant Managing Director


THAI ENGINE: Clarifies Financial Statements
-------------------------------------------
Thai Engine Manufacturing Company Limited has made revisions on
the financial statements for the period ended June 2003:

a. On the issue of the revision of the valuation of inventories,
on 19 May 2003, the Company performed a complete physical count
of the inventory on hand, which revealed some discrepancies.
The Company adjusted the financial statements to reflect the
actual figures, which resulted in a write-down provision of THB
3,501,114.20.  The provision was clearly shown as a separate
item in the 6-month financial statements.  The Company also
prepared documentation for the review and audit by the auditor
and improved the internal control system.

b. On the issue of revision of the valuation of fixed assets, in
August 2003, the Company appointed American Appraisal (Thailand)
Co., Ltd. to perform an appraisal of the land, building and
machinery and equipment.  The fair market value was appraised at
THB 38.97 million, which was higher than the book value.  The
Company, therefore, did not make a provision for the diminution
in the value of assets.

2. On the issue of the provision for warranty reserve, the
Company has a policy of providing a warranty for domestic sales
only, which is one year from the date of sales.  In 2002
financial statements, the Company did not set up a warranty
reserve because the domestic sales were negligible compared to
export sales.  However, in 2003, the Company, under the co-plan
administrators, sets the domestic warranty reserve at
approximately 1% of domestic sales.

3. The Company is in the process of retrieving some
documentation from other parties, and expects to obtain them by
31 December 2003.  However, if there is incomplete
documentation, the Company plans to contact the appropriate
parties to provide substitute documents.

The Company, under the co-plan administrators, realizes the
importance of an effective internal control system and has made
steps to improve the internal control for safekeeping
documentation and accounting records, such as requesting
documentation that had been sent to outside parties for certain
work and retrieving them when the task is completed.

In addition, the Company has set up a working team to deal with
the various issues in preparing the financial statements for the
year ending 31 December 2003 in accordance to the accounting
standards.4. The Company appointed the Sam Nak-Ngan A.M.C. Co.,
Ltd. as the auditor of the Company for the accounts ending 31
December 2003.

The Company and the co-plan administrators shall submit and
certify the correctness of the audited financial statements for
the year ending 31 December 2003.The Company realizes that
disclosure of financial information is essential for the
consideration of the stock investors.

The Company affirms that it will prepare financial statements in
accordance to the generally accepted accounting principles such
that the auditor can perform a satisfactory audit and issue a
favourable opinion on the financial statements and submit them
to the Stock Exchange of Thailand on time.

Theerasak Kanjanasakchai
Co-Plan Adminstrator
Saringkarn Sutaschuto
Co-Plan Adminstrator


TONGKAH HARBOUR: Stockholders OK Capital Increase
-------------------------------------------------
Tongkah Harbour Public Company Limited has increased its capital
from Baht 300,000,000 to Baht 599,920,010 by issuing new common
shares of 299,920,010 shares and the allocation of 150,000,000
shares to existing shareholders at the ratio of 2 old shares to
1 new share at Baht 0.68.  This exercise was completed in May
2001.

The stockholders meeting also approved to allocate 149,920,010
shares for Private Placement and for the Company's Employee
Stock Option Plan (ESOP), at the price of no less than Baht 0.68
after the completion of the allocation of shares to existing
shareholders. The objective was to utilize part of the funds
raised to repay a short-term loan. The remaining funds raised
shall be used as working capital to increase the production
capacity of the Company's Andesite Project to allow the Company
to meet increasing demand, to support the start up of the
Group's gold mining project in the Loei province, and for other
Company expenses.

The Company completed Private Placements in November and
December 2003.  The paid-up capital was then increased from Baht
478,437,317 to Baht 483,648,570.  The Company received a net
fund of Baht 41,672,024 in the exercise and would like to report
that from the proceeds, approx. Baht 10,600,000 was used in the
construction of the condominium project, approx. Baht 7,200,000
was used to repay a long term loan, approx. Baht 14,800,000 was
used to repay a short-term loan.  The remaining sum was utilized
as the Company's working capital.



* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                        Total
                                        Shareholders   Total
                                        Equity         Assets
Company                       Ticker    ($MM)          ($MM)
-------                       ------    ------------   -------

CHINA & HONG KONG
-----------------

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)     23.04
Jinan Qingoi Motorcycle
Co., Ltd.                      600698     (193.08)    113.96
Shenzhen China Bicycles
Co., Ltd.                      000017     (239.91)     60.39
Shenzhen Great Ocean
Shipping Co., Ltd.             200057     (10.87)     11.27
Shenzhen Petrochemical
Industry Group Co., Ltd.       000013     (243.36)     89.48


INDONESIA
---------

PT Lippo Securities  Tbk        LPPS       (3.62)       14.26
Smart Tbk                       SMAR      (37.38)      398.89

JAPAN
---------

Kanebo Limited                  3102       (40.44)     5820.67

MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.40)      41.55
Faber Group Bhd                 FBMS        (7.16)     504.98
Kemayan Corp Bhd                KOPS      (289.67)     114.38
Panglobal Bhd                   PGL0       (41.07)     187.79
Promet Bhd                      PMPT      (174.45)      50.49
Sri Hartamas Bhd                SRIH      (118.91)      99.76
Uniphoenix Corporation Bhd      UNI       (145.25)      33.34


PHILIPPINES
-----------

C & P Homes, Inc.               CMP       (324.94)       2.45
Pilipino Telephone Co           PNOTF     (356.17)      122.97


SINGAPORE
---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85


THAILAND
--------

Christiani & Nielsen            CNT        (24.03)       35.80
(Thai) PCL
Datamat PCL                     DTM         (9.53)       13.66
Jutha Maritime PCL              JUTHA       (3.70)       31.60
National Fertilizer PCL         NFC        (30.82)      297.40
Nakornthai Strip Mill PCL       NSM       (654.33)      608.46
Siam Agro-Industry Pineapple
And Others PCL                  SAIC       (13.88)       14.02
Siam Gen Factoring              TB         (35.92)        2.45
Thai Nam Plastic PCL            TNPC        (2.00)       24.33
Tuntex (Thailand) PCL           TUN        (26.82)      381.43


Each Friday edition of the Troubled Company Reporter - Asia
Pacific contains a list of companies with insolvent balance
sheets based on the latest publicly available balance sheet
available to our editors at the time of publication.  At first
glance, this list may look like the definitive compilation of
stocks that are ideal to sell short.  Don't be fooled.  Assets,
for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets.  A company may
establish reserves on its balance sheet for liabilities that may
never materialize.  The prices at which equity securities trade
in public market are determined by more than a balance sheet
solvency test.



                  *********


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Editors.

Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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