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2009-3-25 11:05:00 a.m. HKT, XFNA
DJ MARKET TALK: Times +0.6%; Higher Div, DBS Upgrades To Buy
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| 1055 [Dow Jones] Times Ltd. (1832.HK) +0.6% at HK$1.70, vs HSI's 0.8% fall, extending 15.8% rally over past two sessions, supported by higher dividend, despite FY results not offering much surprise. DBS says FY08 results inline, with core earnings +29.2% on-year supported by better gross margin with falling finance costs, and lower tax rates following China tax reform. Notes sales +18.5%, driven by 6.7% growth in same-store sales. Notes company sitting on CNY71 million net cash, final dividend raised by 59% to 4.75 fen/share, or 30% payout (vs 26% in 2007). While house keeps forecasts intact, cuts target to HK$2.35 vs HK$2.93 based on 12X 2009 P/E vs previous 15X to factor in slower momentum since 2H08. Upgrades stock to Buy from Hold, given current valuation at only 8.4X P/E. Tuesday's high of HK$1.77 likely a strong cap.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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