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2009-4-23 11:12:00 a.m. HKT, XFNA
DJ MARKET TALK: Techtronic Dn 0.6%;But Cazenove Ups To Outperform
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| 1100 [Dow Jones] Techtronic (0669.HK) down 0.6% at HK$4.77 on modest volume, not reacting much to 39.6% fall in FY08 net profit to HK$175 million, which in line with expectations according to Cazenove; sees some business stabilization on view U.S. housing starts reached the bottom. "We believe Techtronic is attractive to investors with a longer term horizon, with SG&A cuts and higher gross margin boosting the bottom line." House upgrades stock to Outperform from Underperform, but lowers fair value to HK$7.00 from HK$8.00 pegged on 10X FY09 P/E. Day's low of HK$4.55 set to offer support; Tuesday's peak of HK$5.26 sets year-to-date high for Techtronic, likely near-term cap.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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