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2009-5-5 04:04:00 p.m. HKT, XFNA
DJ MARKET TALK: Zhejiang Express Off 9.3%; Fair Valuation - Quam
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| 1556 [Dow Jones] Zhejiang Expressway (0576.HK) slumps 9.3% to HK$6.21 on higher-than-usual volume, after reporting 25% drop in 1Q net profit to CNY359 million, marking 20.5% of full-year earnings forecast tipped by Thomson Reuters. Quam Research for now keeps full-year core earnings forecast at CNY1.77 billion, down 14% on-year, tips FY10's core net profit +7% at CNY1.91 billion. Keeps stock at Hold as "current valuation is just fair;" tips SOTP valuation at CNY6.80/share or HK$7.75, based on 15X P/E for toll, related business. Stock earlier touches HK$6.15, near 10-day moving average of HK$6.16, may be immediate support.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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