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2009-4-7 11:08:00 a.m. HKT, XFNA
DJ MARKET TALK: Wasion +0.7%; ICEA Tips Attractive Valuation
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| 1057 [Dow Jones] Wasion (3393.HK) +0.7% at HK$2.95, vs HSI's 1.3% decline, with stock extending Monday's 2.4% post-results rise Monday post-results; FY08 net profit +22.8% on-year at CNY262 million. ICEA says results slightly better-than-expected, while company recorded strong sales growth of 86% in single-phase electronic power meters; overall sales +32%. ICEA says valuation attractive with stock trading at 6.6X FY09 P/E, given its 17.9% CAGR in EPS for 2008-2010. Rates stock at Accumulate, target HK$3.53, equal to 7.6X FY09 P/E. Tips 2008-10 revenue CAGR at 30% with favorable environment. Early high of HK$3.00 as immediate 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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