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2009-2-12 12:22:00 p.m. HKT, XFNA
DJ MARKET TALK: Citi Downgrades Harbin Power To Sell From Hold
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| 1211 [Dow Jones] STOCK CALL: Citigroup downgrades Harbin Power Equipment (1133.HK) to Sell From Hold, cuts target to HK$4.60 from HK$5.25, based on 0.7X P/B vs previous 0.8X. Lowers FY09-10 EPS forecasts by 24%-32% to factor in assumptions for weaker sales volume, lower profit margins after recent discussions with company; notes house's EPS forecasts now 14%-16% below consensus. Tips 2H08 orderbook to remain flat at CNY95 billion. "Postponement of order completions has become common as customers are not meeting their installment schedules and are not keen to get their power equipment for new projects soon given the low utilization at existing plants." Also rates China power-equipment peers Dongfang Electric (1072.HK), Shanghai Electric (2727.HK) at Sell. Harbin shares down 7.9% at HK$5.48. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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