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2009-5-15 11:51:00 a.m. HKT, XFNA
DJ MARKET TALK: Macq Ups Hengan Target To HK$33.50 From HK$31.60
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| 1139 [Dow Jones] Macquarie raises Hengan (1044.HK) target to HK$33.50 vs HK$31.60 after increasing FY09-10 earnings estimates by 7%, 5% respectively as prices for pulp, which is key ingredient for tissue segment, down 20% or more since peak in 2007. Says, estimates pricing in 110bp improvement in 2009's gross margin. Keeps at Outperform. Tips switching to Hengan from Tingyi (0322.HK) on view F&B products more susceptible to economic slowdown than household products. Stock +2.1% at HK$33.55. (JYC) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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