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2009-1-20 12:48:00 p.m. HKT, XFNA
DJ MARKET TALK: Kingway Down 4.3%; No Turnaround N/T - Fulbright
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| 1234 [Dow Jones] Kingway (0124.HK) down 4.3% at 66.0 HK cents after company warns it expects to post another loss for 2H; warning likely expected, so stock likely to find support at psychological 60 HK cents for now, but earnings outlook not likely to turn positive, at least for 1H09, as operating environment not expected to stage strong turnaround near-term, says Francis Lun at Fulbright. "There are no merger and acquisition hopes for companies like Kingway in the medium-term, so we don't foresee any positive catalysts for the company ahead if solely based on its fundamentals," says Lun. Tips more selling pressure near-term, if trading sentiment remains weak for overall market; adds stock may test 50 HK cents within 1Q.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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