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2009-5-13 02:50:00 p.m. HKT, XFNA
DJ MARKET TALK: UOB Upgrades Haitian International To Buy Vs Hold
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| 1438 [Dow Jones] STOCK CALL: UOB KayHian upgrades Haitian International (1882.HK) to Buy from Hold on better operating environment as demand picking up from downstream sectors, including automobile and home appliances. Cuts target price to HK$2.57 from HK$4.80, based on 10X 2009 P/E after lowering 2009-10 net profit estimates by 41.2%, 43.1% respectively after cutting turnover estimates, factoring in 30% decline in domestic sales volume, 18% decline in export sales, cutting 2009-10 average selling price forecasts by 9.5%. "Based on P/E and P/B, HI does not look expensive given its leading position in the PIMM (plastic injection moulding machine) industry. The stock is trading only at 7.6X 2009 P/E and 6.4X 2010 P/E and 1.0X P/B. Given its better product mix, HI continues to outperform its peers during the downturn." Shares down 2.5% at HK$1.95. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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