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2009-4-27 01:49:00 p.m. HKT, XFNA
DJ MARKET TALK: CS Cuts Tianjin Port Dev Target 13.5% To HK$1.98
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| 1332 [Dow Jones] STOCK CALL: Credit Suisse cuts Tianjin Port Development (3382.HK) target to HK$1.98 from HK$2.29, after lowering 2009, 2010 EPS estimates by 49.5%, 69.0% on weak cargo trade, poor cost management. Also tips 40%-owned EuroAsia Container Terminal to incur loss in first year of operation in 2010, which will drag on earnings in near future. But says company's plan to buy 56.8% stake in Tianjin Port Holdings (600717.SH) from parent will eliminate inter-group competition, will also add earnings drivers from expanding into coal, iron ore, oil products terminal businesses. Shares down 4.4% at HK$1.94, vs HSI down 2.7%. (ARP) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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