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2009-5-12 03:34:00 p.m. HKT, XFNA
DJ MARKET TALK: CIMB Continues To Like Hong Kong Small Caps
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| 1520 [Dow Jones] With HSI trading at 16.2X forward P/E, premium over 14.0X long-run average, CIMB tips market fully pricing in likely economic recovery. Against this uncertain backdrop, house continues to like HK small caps as valuations still compelling despite outperformance over past 3 months, with many trading at historically low P/Es, P/Bs while offering generous yields. CIMB tips three PRC-based companies - Daphne (0210.HK), Fu Ji Catering (1175.HK), Lai Fung (1125.HK) - as decent companies with solid finances, entrenched market positions, good earnings visibility even in uncertain times. Also intact, views on companies featured in earlier issues, such as Sa Sa (0178.HK), Bonjour (0653.HK), Tao Heung (0573.HK), Fairwood (0052.HK), Lee & Man Paper (2314.HK), Comba (2342.HK), Techtronic (0669.HK). (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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