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2009-5-5 09:58:00 a.m. HKT, XFNA
DJ MARKET TALK: Zhejiang Expressway Bid Down 1.5% But DBS Upbeat
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| 0950 [Dow Jones] At pre-open, Zhejiang Expressway (0576.HK) bid down 1.5% at HK$6.75, but unlikely to trouble 10-day moving average at HK$6.16, after reporting 25% fall in 1Q09 net profit to CNY359 million, marking only 20.5% of full-year earnings forecast pegged by Thomson Reuters. Still, DBS Vickers tips "stronger quarters are ahead," as decrease in toll revenue, earnings mainly due to traffic diversions; going forward, expects toll revenue should improve over time once diversions stabilize in stages. House keeps stock as Buy, raises target price to HK$7.31 from HK$6.95 to reflect growing confidence in securities business.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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