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2009-3-9 09:46:00 a.m. HKT, XFNA
DJ MARKET TALK: Johnson Elec Down 1.5% Pre-Open; Profit Warning
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| 0939 [Dow Jones] At pre-open, Johnson Electric (0179.HK) bid down 1.5% at HK$1.28, but likely to fall more on news it expects to post net loss for 2H and full fiscal year ending March 31. Warning likely taken as great disappointment given 1H net profit of US$45.5 million, Thomson Reuters poll of 5 analysts looking for full-year earnings of US$131 million. Johnson says rapid, severe deterioration in economic conditions reduced sales significantly in 2H vs 1H. Stock was punted higher, along with other industrial stocks, on expectation of earnings recovery earlier in year; shares hit HK$2.04 twice in early January. May dent confidence in other industrial stocks today, likely including Techtronic Industries (0669.HK), which, like Johnson Electric, is highly geared to U.S. market. Techtronic indicated down 4.6% at HK$2.51.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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