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2009-5-7 10:31:00 a.m. HKT, XFNA
DJ MARKET TALK: K Wah +4.2%; Laggard Play Set To Catch Up -ICEA
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| 1015 [Dow Jones] ICEA tips K Wah International (0173.HK) to play catchup to mainland property stocks; notes company owns nearly 2 million sqm of landbank in Shanghai, Guangzhou, but significantly lagged Shanghai-, Guangzhou-based developers in recent rally. Says KWI's fundamentals continue to improve, with continuously strong sales momentum in Shanghai to directly benefit sales of KWI's prime-located projects; while in HK, riding on recent promising sales atmosphere of luxury residential units, KWI can re-launch remaining unsold units in Great Hill. Adds, KWI's investment in Galaxy Entertainment (0027.HK) seems set to bottom out with improvement in Macau gaming revenue from April onwards. House keeps stock at Buy with HK$1.84 target pegged on 60% discount to NAV. KWI +4.2% at HK$1.47.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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