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2009-5-20 10:36:00 a.m. HKT, XFNA
DJ MARKET TALK: BNP Ups Zhuzhou CSR Target To HK$13.50 Vs HK$9.50
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| 1017 [Dow Jones] STOCK CALL: BNP Paribas raises Zhuzhou CSR Times Electric (3898.HK) to HK$13.50 from HK$9.50 based on 24.7X 2009 P/E, 20X 2010 P/E, at par with peers. Keeps at Buy. Expects Zhuzhou CSR to be main electrical-system supplier for coming orders of CSR's fast-growing products. Notes only 5% of CSR's procurement from Zhuzhou CSR in 2008, should alleviate investor concerns on CSR's pricing power. Adds, revenue growth more than sufficient to increase earnings, offsetting gross margin decline. "We expect more short-term catalysts to strengthen Zhuzhou CSR's earnings visibility. As the counter rides on the fast-growing rolling stock and power grid sectors and is one of the few domestic manufacturers that can produce high-end power converters, we like Zhuzhou CSR's long-term value." Shares flat at HK$11.38. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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