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2009-1-20 12:18:00 p.m. HKT, XFNA
DJ MARKET TALK: Cazenove Cuts China Power Equip Makers' Forecasts
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| 1200 [Dow Jones] STOCK CALL: Cazenove cuts fair values of Chinese power equipment makers by 12%-27%, after cutting 2009-10 net profit forecasts by 16%-43% on weak demand. House downgrades Harbin Power (1133.HK) to In-Line from Outperform, while keeping Dongfang Electric (1072.HK) at In-Line, Shanghai Electric (2727.HK) at Underperform. Says China's power output decline is worse than expected; "the historically tight power supply and demand may now turn into a supply surplus." Says Dongfang had no new orders in thermal power over past 2 months, Shanghai Electric expects order delays to extend into 2010. Shanghai Electric down 5.0% at HK$2.30, Dongfang off 1.1% at HK$17.30, Harbin down 3.5% at HK$5.44. HSI down 3.2%. (ARP) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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