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2009-3-17 10:35:00 a.m. HKT, XFNA
DJ MARKET TALK: Tianjin Port Off 8.9%; Goldman Keeps Sell Call
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| 1022 [Dow Jones] Tianjin Port Development (3382.HK) off 8.9% at HK$2.05 on trade resumption, likely in part due to profit-taking with stock jumping 10.8% before being halted yesterday. Although consolidation of port assets with sister firm Tianjin Port Holdings (600717.SH) likely taken as strategically positive, massive dilution from new shares sale, lack of immediate EPS contribution implies deal may be taken as mostly neutral for now. Goldman Sachs estimates if taking into account TPH's latest market cap, TPD's NAV would go up by 23%-26% based on different assumption of number of new shares to be issued; if including TPH's profit (based on I/B/E/S consensus), TPD's FY10 P/E would be 18X-19X. Stock currently on GS' Asia Pacific Sell list with HK$1.10 target price. TPD volume modest at HK$6.2 million; day's low so far HK$2.00 may act as psychological support.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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