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2009-3-23 04:18:00 p.m. HKT, XFNA
DJ MARKET TALK: Tianjin Development "Grossly Undervalued"-Taifook
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| 1554 [Dow Jones] STOCK CALL: Taifook says Tianjin Development (0882.HK) "is grossly undervalued," as it's trading at slight discount to aggregate market value of its 67.3% stake in Tianjin Port Development (3382.HK) and 44.8% stake in Dynasty Fine Wines (0828.HK), implying its unlisted assets with carrying value of HK$6.09 billion are free. Tips TD to enjoy 10% CAGR in recurring earnings during FY07-FY09. Among unlisted assets, elevator & escalator operation is second most important earnings contributor after utilities as demand from both domestic and overseas market still strong; notes unit achieved impressive 49% earnings jump in 1H08. Keeps at Buy, target HK$5.20. Stock +4.1% at HK$2.77. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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