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2009-5-8 12:10:00 p.m. HKT, XFNA
DJ MARKET TALK: CLSA Ups Nine Dragons Target 73.4% To HK$5.60
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| 1159 [Dow Jones] STOCK CALL: CLSA raises Nine Dragons (2689.HK) target to HK$5.60 from HK$3.23 based on 1.3X FY10 P/B, in line with average of industry-leading China cyclical plays. Keeps Buy. Says, recent industry checks suggest improvement in utilization rate at second-tier, smaller paper mills, while leading players reported stable utilization due to continuing digestion of new capacity. "We are still looking forward to a solid recovery story with a better pricing environment in 2010 amid the absence of new supply, but with recent April 2009 PMI index showing better export order, the inflection point might emerge earlier than we expected." Stock +3.9% at HK$4.77; HSI flat. (LWS) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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