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2009-5-5 12:17:00 p.m. HKT, XFNA
DJ MARKET TALK: Zhejiang Expressway Down 8.8% But Likely Overdone
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| 1209 [Dow Jones] Zhejiang Expressway (0576.HK) tumbles 8.8% to intraday low of HK$6.25, worst-performing H-share index member, as 1Q net profit down 25% on-year at CNY359 million, suggesting room for consensus earnings forecasts to be revised down given 1Q bottom-line only 20.5% of full-year earnings forecast tipped by Thomson Reuters. Still, selloff looks a bit overdone, with prospective FY09-10 dividend yields reaching 5.0%, 5.4% based on Thomson Reuters, likely to provide downside protection. Volume modest at HK$59.1 million, 10-day moving average at HK$6.16 provides immediate support. Plus, stock likely beneficiary in short term once investors start rotating out of high-beta H-shares such as basic material, property, shipping plays.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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