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2009-6-10 11:23:00 a.m. HKT, XFNA
DJ MARKET TALK: GS Cuts China Pharmaceutical To Neutral Vs Buy
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| 1114 [Dow Jones] STOCK CALL: Goldman Sachs downgrades China Pharmaceutical (1093.HK) to Neutral from Buy, on view stock "reasonably priced at current levels and see little potential for upside," with continuing downward pressure on vitamin C and penicillin prices due to excess capacity and stagnant global demand. Raises target to HK$4.63 vs HK$4.10, due to rolling over to FY10 EPS and adjusting P/E multiple to 8X vs 6X. Stock down 4.2% at HK$3.91; HSI +1.2%.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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