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2009-4-15 09:49:00 a.m. HKT, XFNA
DJ MARKET TALK:CCC Off 2.4% Pre-Mkt;But New Contracts Strong-Citi
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| 0943 [Dow Jones] At pre-open, China Communications Construction (1800.HK) down 2.4% at HK$9.25, succumbing to profit-taking but looks unlikely to trouble 10-day moving average at HK$8.95. While FY08 net profit up only 0.7% at CNY6.08 billion, 2H earnings improved markedly vs 1H's CNY2.20 billion due to operating margin recovery. Citigroup keeps Sell call, HK$7.20 target price pending analysts briefing this morning; notes new contract growth 10% higher than forecast as port, road, bridges new contracts in 2H08 better than expected, mainly driven by government's stimulus effort. "Focus will be whether the new contract growth is sustainable into 2009 due to the high density of roads in eastern China and slowing port investment," Citi says.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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