 |
|
  |
2009-4-15 03:34:00 p.m. HKT, XFNA
DJ MARKET TALK:Worst May Be Over For China Comm Construction-HSBC
|
| |
| 1528 [Dow Jones] STOCK CALL: China Communications Construction's (1800.HK) 2008 results may appear weak, but 2H08 showed improvement, indicate worst may be over, HSBC says. Notes 2008 earnings flat on-year at CNY6.1 billion, in line with consensus but topping house's estimate by 3.4%; but notes 2H08 improvement vs 1H08, when margins collapsed, sales fall unexpectedly large. Notes both 2008 backlog and new orders topped house's estimates by 11%-14%; +40.6% on-year and +20.8% on-year, respectively. "With order flow now firmly rekindled, its enhanced discipline in FX-related instruments, and what we believe is the likelihood of further decline in raw material price and interest rate cuts, we think CCC's 2009 outlook is promising." Maintains earnings estimates, tips upside risk on margins. Keeps at Overweight, target at HK$11.74. Shares down 0.3% at HK$9.45; HSI down 0.3%. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=ZoEQ9VJtYzxGsJmjLFOE1Q%3D%3D. You can use this link on the day this article is published and the following day.
(Delayed by 1 hour)
-0-
Copyright (c) 2009 Dow Jones & Company, Inc. |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
