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2009-2-20 09:42:00 a.m. HKT, XFNA
DJ MARKET TALK: Daiwa Tips Meadville FY Core Earnings To Fall 19%
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| 0932 [Dow Jones] STOCK CALL: Daiwa tips Meadville (3313.HK) to report 19% on-year decline in 2008 core earnings to HK$480 million, on weaker demand for printed circuit boards for handsets; tips gross profit margin for 2H08 to drop to about 18.5%, vs 24.4% in 2H07, given price-cutting to attract orders and fall in capacity utilization for 4Q08. Keeps at Underperform, due to high net gearing and reduction in customer orders in 4Q; targets 78 HK cents. FY results due out Feb. 25. Stock +13.4% at 93 HK cents yesterday.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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