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2009-6-26 03:25:00 p.m. HKT, XFNA
DJ MARKET TALK: Cheung Kong +2.4%; Eyes On New Projects In 2H -GS
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| 1518 [Dow Jones] Cheung Kong (0001.HK) +2.4% at HK$93.00 on modest volume, in line with property subindex's 2.4% gain, may rise to test HK$100 in short-term. Goldman Sachs tips CK to "start catching up" as stock has lagged HK developers peers, probably due to lack of major project launches so far this year. But this set to change in 2H, with more news flow regarding new projects, including Tai Wai Maintenance Center, Celestial Heights Phase 2, Le Prestige; estimates these 3 projects, if all successfully sold, could generate HK$5 billion profit for CK. Adds, improving outlook of China's property market should also bode well for sales of CK's mainland projects. Keeps Buy call, HK$105 target price.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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