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2009-5-5 12:08:00 p.m. HKT, XFNA
DJ MARKET TALK: GS Tips Conglomerate Plays Hutchison, Cheung Kong
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| 1154 [Dow Jones] Among conglomerates, Goldman Sachs prefers Wharf (0004.HK), Hutchison Whampoa (0013.HK) and Cheung Kong (0001.HK), as they look attractively valued vs historical trading ranges, pure property stocks. Notes after recent U.S., HK marketing meetings, some investors still skeptical about Wharf's execution capabilities, and they prefer Hang Lung Properties (0101.HK) for "China story;" adds, most agree risk-reward trade-off more favorable for Wharf. Likes Hutchison due to stable oil price and port throughput trends; likes Cheung Kong as turning more positive on HK housing market. Suggests unwinding long Hutch/short Cheung Kong pair trade, as turning more positive on HK housing market. Says within China conglomerate coverage, tips Shanghai Industrial (0363.HK) as top Buy, China Merchants (0144.HK) as top Sell. Wharf +2.5% at HK$27.15, Hutchison down 2.0% at HK$46.50, Cheung Kong +0.8% at HK$87.00.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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