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2009-5-29 11:48:00 a.m. HKT, XFNA
DJ MARKET TALK: K Wah +7.1%; Relatively Undervalued -GuocoCapital
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| 1143 [Dow Jones] While some blue-chip HK developers lower on profit-taking, with Cheung Kong (0001.HK) down 1.3%, Sun Hung Kai Properties (0016.HK) down 1.4%, some 2nd-tier property stocks extending gains on cheaper valuation, with K. Wah (0173.HK) +7.1% at HK$2.55, Kerry (0683.HK) +3.2% at HK$32.65. GuocoCapital says K Wah, with market cap of about HK$6 billion, is undervalued relative to leading China, HK property stocks. "Given a bullish market sentiment, we expect the share price to move upward in the near term," it says; sets fair value at HK$3.12, based on 1.0X forward P/B. Keeps at Buy.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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