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2009-6-22 09:59:00 a.m. HKT, XFNA
DJ MARKET TALK: Cheung Kong +0.5% Pre-Open;MS Raises Target 18.5%
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| 0946 [Dow Jones] Cheung Kong (0001.HK) +0.5% at HK$86.40, mostly in line with HK developer peers, which at best may perform in line with market given lack of fresh catalysts. Morgan Stanley raises Cheung Kong target to HK$86.00 from HK$72.60, after raising FY09-10 EPS forecasts by more than 60% each year, also on higher target price for 49%-owned Hutchison Whampoa (0013.HK); still, keeps Equal-weight rating, as 50% stub discount to NAV in line with long-term average, 0.8X P/B in line with peers', 15X FY09 "is reasonable but not compelling." (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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