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2009-5-27 02:32:00 p.m. HKT, XFNA
DJ MARKET TALK: Citi Raises Tingyi Target To HK$13.80 Vs HK$10.70
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| 1422 [Dow Jones] STOCK CALL: Citigroup raises Tingyi's (0322.HK) target to HK$13.80 from HK$10.70 after raising 2009-11 earnings forecasts by 9%-10% on stronger-than-expected beverage sales and noodle margin improvement. "We expect further re-rating given better-than-expected 1Q09 results and continued good execution." Says, 1Q overall gross profit margin up almost 300bps on-year, as lower palm oil prices and resilient prices sent the noodle gross profit margin up by 519bps. Says may be sustainable into 2Q09 due to accumulated low-cost inventory. Keeps Buy. Stock off 1.0% at HK$11.70; HSI +4.7%. (LWS) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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