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2009-4-9 12:12:00 p.m. HKT, XFNA
DJ MARKET TALK: Xingda +8.9% On Strong FY Results, Higher Margins
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| 1154 [Dow Jones] Xingda (1899.HK) +8.9% at HK$1.22, after reporting strong FY results. Citigroup says FY08 core net profit (excluding convertible revaluation expense) +46% on-year at CNY393 million, 4% above its forecast, due to higher-than-expected government grants and scrap material sales; net profit +21% at CNY418 million. Notes gross margin at 26.4% in FY08 vs 25.3% in FY07, due to higher average selling prices and cost control measures, including bulk purchase and increased sourcing of domestic raw materials. House to revisit its forecasts after discussion with management. Keeps at Buy, target at HK$1.10. Stock off fresh year-to-date high of HK$1.28, likely 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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