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2009-4-9 02:54:00 p.m. HKT, XFNA
DJ MARKET TALK: Some HK Developers Run Ahead Of Fundamentals-Citi
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| 1447 [Dow Jones] HK developers rebound, but property subindex's 2.5% gain lags HSI's 3.0% rally. Citigroup believes share prices of certain HK property stocks "have run ahead of fundamentals," especially after recent broad market rally; recommends selling SHK Properties (0016.HK), Sino Land (0083.HK), MTRC (0066.HK), HK Land (H78.SG). Tips preferred plays for sector Cheung Kong (0001.HK), Hang Lung Group (0010.HK), Kerry Property (0683.HK) on more attractive valuations. SHKP +1.0% at HK$78.55, CK +2.5% at HK$73.75.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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