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2009-4-16 12:34:00 p.m. HKT, XFNA
DJ MARKET TALK: Goldman Tips Pair Trade To Buy CRCC, Short CCCC
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| 1222 [Dow Jones] STOCK CALL: Goldman Sachs suggests pair trade of buying China Railway Construction (1186.HK), to be funded by short position on China Communications Construction (1800.HK). "The relative underperformance of CRCC versus CCCC since mid-January seems to provide a sensible entry level for investors to gain exposure to the domestic infrastructure theme," says Goldman. Adds, CRCC and CCCC trading at similar price multiples but earnings growth prospects look more promising for CRCC. Keeps CRCC at Buy and Conviction Buy, keeps CCCC at Sell and Conviction Sell; targets for CRCC, CCCC at HK$12.50, HK$7.20, respectively. CRCC down 0.9% at HK$10.54, CCCC down 1.7% at HK$9.43; HSI flat. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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