Sound Global

Sound Global: Phillip downgrades to Hold from Buy, cuts target to $0.82 from $1.06 after lowering growth estimates for EPC (engineering, procurement, construction) business to 18% from 25% for FY11, to 15% from 25% for FY12; says competition getting more intense in the industry, while contract wins by Group appear to be slowing. Expects flat FY10 earnings, bogged down by expenses tied to recent RMB680m sale of convertible bonds.