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2009-6-11 12:23:00 p.m. HKT, XFNA
DJ MARKET TALK: Citi Ups Tianjin Port Devt To Buy;Ups Target 283%
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| 1144 [Dow Jones] STOCK CALL: Citigroup upgrades Tianjin Port Development (3382.HK) to Buy from Sell, raises target price to HK$4.40 vs HK$1.15 by applying historical mean 1.9X P/B to post-acquisition FY09 BVPS of HK$2.31. "We feel the market hasn't fully digested the strategic impact from company's stake purchase in Tianjin Port Ltd." due to limited understanding of A-share listed TJPL (600717.SH); says stock should regain attention when acquisition circular released by end-June, views company as "offering attractive exposure to the China re-heating commodity demand theme." Stock +2.7% at HK$3.38. (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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