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2009-3-16 10:35:00 a.m. HKT, XFNA
DJ MARKET TALK: Anhui Conch +7.6%; But Valuation Not Cheap-DBS
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| 1025 [Dow Jones] Anhui Conch Cement (0914.HK) +7.6% at HK$43.40, adding to 7.5% jump Friday, on expectations China's big infrastructure push will give leading cement producer boost; recent jump in mainland property stocks also bodes well for Conch given sector big cement user. Still, rally looks overdone with whopping 42% gain vs March 2 low of HK$30.55; DBS Vickers keeps stock at Hold with HK$42.40 target; while "growth phase intact," valuation "is not cheap," trading (before today's rise) at 19X FY09 P/E, 2.4X P/B, at higher end of regional peers' level. Volume strong at HK$70.1 million; peers China National Building Material (3323.HK) +6.3% at HK$10.52, Asia Cement (0743.HK) +4.6% at HK$3.87.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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