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2009-4-24 12:05:00 p.m. HKT, XFNA
DJ MARKET TALK: ML Cuts Tianjin Devt Target To HK$4.10 Vs HK$4.30
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| 1157 [Dow Jones] STOCK CALL: Merrill Lynch cuts Tianjin Development's (0882.HK) target to HK$4.10 from HK$4.30 after cutting 2009-10 estimates by 22%, 21%, mainly to factor in lower net profit contribution from Tianjin Port (3382.HK), but believes divestiture of toll-road unit will improve its future prospects as it eliminated internal competition. "We believe shareholders of Tianjin Development will benefit in the long run, and its share price should outperform as a result." Says shares trading at 7.6X 2009E P/E, 0.4X P/B; tips as cheapest play in house's conglomerate universe. Keeps Buy. Stock off 1.8% at HK$3.36. (LWS) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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