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2009-4-15 08:02:00 a.m. HKT, XFNA
DJ MARKET TALK: CCC May Take Breather Despite 2H Pft Improvement
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| 0752 [Dow Jones] China Communications Construction's (1800.HK) valuation remains undemanding despite shares' recent run-up; while stock may take breather today, more short-term upside likely despite FY08 net profit up only 0.7% at CNY6.08 billion, as 2H earnings improved significantly vs 1H's weaker-than-expected CNY2.20 billion, thanks to operating margin recovery on back of lower raw material prices. Final dividend 9.8 fen/share vs 8.8 fen year earlier. Also, CCC one of key beneficiaries of China's huge infrastructure spending plan, with earnings tipped to grow further to CNY8.02 billion this year, CNY9.75 billion in FY10, according to Thomson-Reuters, putting stock at 15.8X, 13.0X forward earnings based on yesterday's close of HK$9.48 (+5.8%); not terribly attractive, but undemanding given high earnings visibility.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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