 |
|
  |
2009-4-23 10:41:00 a.m. HKT, XFNA
DJ MARKET TALK: Glorious Sun Off 7.5% Post-Results;DBS Downgrades
|
| |
| 1034 [Dow Jones] Glorious Sun (0393.HK) down 7.5% at HK$1.98, after reporting FY08 net profit down 83.6% on-year at HK$85 million. DBS says FY08 earnings distorted by HK$214 million provision on its 9% stake in I.T (0999.HK). Stripping out this, core earnings would have grown 19.5% at HK$299 million, in line with DBS' expectations. "While the results were in line, we are getting more cautious on its outlook ahead," says DBS. Notes despite retailer and maker of casualwear posting solid performance in January 2009, (+20% on-year growth after adjusting for China's New Year), momentum has slowed down significantly, with year-to-date growth at a mere single-digit; cuts FY09-FY10 earnings forecast by 10%-12%; lowers target to HK$2.25 vs HK$3.05 based on 8X FY09 P/E; downgrades to Hold vs Buy. 50-day moving average of HK$1.89 as immediate support, vs intraday low at HK$1.92.(SUT) 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=o03z7lYciUZk8Ou2LoGj%2Fw%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 |
| |
|
|
|
