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2009-1-20 03:11:00 p.m. HKT, XFNA
DJ MARKET TALK: Nomura Cuts China Power Equip Maker Tgts 4.8%-11%
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| 1500 [Dow Jones] STOCK CALL: Nomura cuts target prices of Chinese power equipment makers by 4.8%-11%, following up to 10% cut in earnings estimates for 2009-10. House keeps "bearish" view on sector, says outlook for orders, revenues remain "extremely challenging" due to product delivery delays, weak electricity demand, excess capacity of power plants. House cuts Shanghai Electric (2727.HK) target 11.5% to HK$2.30, trims Dongfang Electric (1072.HK) target 4.8% to HK$14.00, keeps both at Reduce. Cuts Harbin Power (1133.HK) target 8.8% to HK$7.30, keeps Buy, as stock is trading at low valuation of 0.8X book value. Shanghai Electric down 4.5% at HK$2.31, Dongfang off 0.5% at HK$17.42, Harbin down 0.5% at HK$5.61. HSI down 1.5%. (ARP) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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