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2009-3-23 10:00:00 a.m. HKT, XFNA
DJ MARKET TALK: Asia Cassava Res +7.8% Pre-Mkt; Limited Upside
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| 0954 [Dow Jones] NEW LISTING: Asia Cassava Resources (0841.HK) +7.8% at HK$1.10 at pre-open, vs IPO price of HK$1.02, but upside likely limited given weakening earnings outlook, after 5-months to August net profit down 82.6% on-year; retail tranche only 2.6X oversubscribed, while grey market price unchanged with stock untraded. "I don't expect much upside in the stock as it's not attracting much interest given its uncertain business outlook," says Francis Lun at Fulbright. Tips stock to stay at around HK$1.10 today.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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