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2009-4-20 10:35:00 a.m. HKT, XFNA
DJ MARKET TALK: Kingway Flat; FY Loss Narrower Than Expected -DBS
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| 1026 [Dow Jones] Kingway Brewery (0124.HK) flat at 77 HK cents post-results, after falling 4.9% over past 2 sessions, which likely priced in weak results due to lower sales, production-cost rise. DBS says Kingway's FY net loss of HK$40 million slightly narrower than its expectation due to mild expansion in gross margin, but tips sales to remain under pressure given higher exposure to export-related region. Adds, easing cost pressure to benefit margin, but upside likely capped by intensifying competition; house tips company to return to profitability ahead, expects FY09-10 EPS at 0.5 HK cents, 3.3 HK cents respectively. Keeps at Fully-Valued as "earnings visibility is still low" and valuation will likely remain at depressed level. Keeps target at 80 HK cents, based on 6X EV/EBITDA. Any falls likely limited to 10-day moving average of 73.6 HK cents near-term.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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