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2009-1-15 03:23:00 p.m. HKT, XFNA
DJ MARKET TALK: Yue Yuen Set To Remain Range-Bound Near-Term -GS
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| 1516 [Dow Jones] STOCK CALL: Yue Yuen (0551.HK) set to remain range-bound in near-term due to lack of positive catalysts, Goldman Sachs says. Notes 4Q recurring net profit +25% on-year at US$84 million, but still 7% below house's forecast, mainly due to weaker-than-expected gross margin in OEM. Expects FY09 volume growth to slow to single-digit rate from FY08's 10%. Notes shares currently trading at 7.2X 2009E P/E and 1X P/B, in line with comparable OEM companies with strong balance sheet and high ROE such as Stella (1836.HK), Texwinca (0321.HK), which are trading close to 1X P/B. Keeps at Neutral, target HK$15.50, based on 8X 2009E P/E. Shares down 5.0% at HK$14.20; HSI down 4.8%. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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