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2008-4-15 03:16:00 p.m. HKT, XFNA
BROKER CALL - HK-listed Harbin Power target raised to 17.74 hkd - Morgan Stanley
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HONG KONG (XFN-ASIA) - Morgan Stanley maintained its "overweight" rating on
mainland China's Harbin Power Equipment Co Ltd and raised the target price to
17.74 hkd from 16.25, citing a much better-than-expected margin recovery and a
big increase in new orders.
Harbin Power reported 2007 net profit of 1.53 bln yuan, up from 1.02 bln a year
earlier.
Its new orders totaled 51.3 bln yuan, up 80 pct year-on-year.
"Although we saw more than a 30 pct spot steel price increase in the first
quarter, the company's gross margin expansion is expected to persist in the
following three years as a result of effective cost control and partial cost
pass-through," the brokerage said.
At 3.05 pm, Harbin Power was down 0.3 hkd or 2.31 pct at 12.68.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
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