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2009-4-24 09:10:00 a.m. HKT, XFNA
DJ MARKET TALK: Nomura Ups Zhuzhou CSR Target 20%; Margin Bottoms
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| 0900 [Dow Jones] STOCK CALL: Nomura raises Zhuzhou CSR Times (3898.HK) target price by 20% to HK$12.00 from HK$10.00 on higher earnings forecasts; keeps Buy call. While conservatively keeps revenue estimates unchanged, raises earnings estimates primarily on better-than-expected gross margins guidance; says decline in gross margins in recent periods major overhang, but with gross margin having bottomed around FY08 levels according to management, "we believe strong top line growth over the next two years is likely to drive equally strong, if not, stronger earnings growth." Stock leapt 19.6% to end at HK$10.56 yesterday.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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