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2009-3-26 03:28:00 p.m. HKT, XFNA
DJ MARKET TALK: Techtronic To Benefit From "Trading Down" -UBS
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| 1512 [Dow Jones] STOCK CALL: UBS tips Techtronic Industries (0669.HK) to benefit from "trading down" trend among consumers, forecasting sales growth in 2009 while Home Depot (HD), Black & Decker (BDK) sales may decline. Adds, positive on Home Depot's guidance for 2009 sales to decline as provides indication of extent of deterioration in home-improvement market, confirmation consumers still buying. Notes refinancing risks removed after company says refinanced over 80% of US$134 million syndicated loan. Keeps at Buy, but lowers target to HK$6.30 from HK$6.93 based on house model. Notes stock trading at 4.2X house's 2009 EPS estimate; 2008 results due in April. Shares up 10.6% at HK$3.76. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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