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2009-5-27 12:28:00 p.m. HKT, XFNA
DJ MARKET TALK: MS Ups Harbin Power Target To HK$5.52 Vs HK$3.45
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| 1216 [Dow Jones] STOCK CALL: Morgan Stanley raises Harbin Power (1133.HK) target price to HK$5.52 from HK$3.45 after applying higher P/E multiple of 13X vs 8X previously, lower equity risk premium assumption. However, keeps at Underweight on view stock's recent rally (+69% over past three months) unjustified given weak fundamentals. Says without presence in wind power business and as late entrant into nuclear power business, Harbin Power cannot benefit from booming renewable energy business in 2009, 2010. Expects 2009-10 net profit to fall 36%, 18% on output volume decline, gross margin squeeze, high distribution and administrative cost. Shares +0.1% at HK$8.54; HSI +4.3%. (YWM) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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