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2009-6-16 09:47:00 a.m. HKT, XFNA
DJ MARKET TALK: Nomura Downgrades CCC To Neutral;Cuts Target 8.0%
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| 0936 [Dow Jones] STOCK CALL: Nomura downgrades China Communications Construction (1800.HK) to Neutral from Buy after management suggests CCC's traction in railway construction business slower than expected with only CNY10 billion of new rail contracts signed so far this year, vs more than CNY60 billion target. Cuts target to HK$11.50 from HK$12.50 after trimming 2009-10 revenue estimates by 1.4%, 7.3% based on slower ramp of railway revenue, weaker port machinery business. "We believe 2010 could be challenging if current weak orders for rail and port machinery persist." At pre-open, stock +1.0% at HK$10.48. (LWS) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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