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2009-4-22 11:41:00 a.m. HKT, XFNA
DJ MARKET TALK: UOB-KH Tips Zhuzhou CSR Times As "Best In Class"
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| 1132 [Dow Jones] STOCK CALL: UOB-KayHian reiterates Zhuzhou CSR Times Electric (3898.HK) at Buy, target HK$10.00 after management releases upbeat guidance. House says slower 1Q09 growth not an indication on 2009 operating performance, expects stronger earnings growth in 2009 and beyond on strong order inflows, margin improvement. Notes management indicates limited downside for 2009 gross margin on better product mix and high localization rate; management confident of achieving 2009 top-line growth of over 30%. House raises 2009-10 net profit forecasts 6.3%, 8.7% respectively after increasing operating margin forecasts. "We rate Times Electric as the best in its class given its stable growth potential and no exposure to freight wagons manufacturing." Keeps Buy, target price of HK$10.00. Shares up 10.6% at HK$8.87. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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