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2009-1-19 09:46:00 a.m. HKT, XFNA
DJ MARKET TALK: DBS Cuts Wharf Target To HK$19.44 From HK$21.25
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| 0939 [Dow Jones] STOCK CALL: DBS cuts Wharf (0004.HK) target to HK$19.44 from HK$21.25, after lowering 2008 profit forecast by 14% to reflect fair value loss on currency swaps due to appreciation of JPY and potential loss from i-Cable (1097.HK) after a warning earlier this month it may report loss due to worsening environment. Adds, trading at 46% discount to NAV estimate, but not particularly attractive amid downturn in HK/China property markets. Keeps at Hold. Stock flat at HK$19.02 at pre-open.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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