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2009-6-16 10:08:00 a.m. HKT, XFNA
DJ MARKET TALK: CLSA Ups VTech To Outperform; Ups Target 128.3%
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| 0957 [Dow Jones] STOCK CALL: CLSA upgrades VTech (0303.HK) to Outperform from Underperform on view company's ability to deliver strong cash flows in likely worst-ever-faced economic environment should be applauded; says FY results in line with house's forecasts. Says was wrong to base valuation on near-trough earnings multiple of 5.5X, now incorporates blend of price-to-cash, price-to-book, EV/EBITDA. Raises target to HK$46.00 from HK$20.15 after raising FY10-11 earnings estimates by 50%, 55% as company management expects market share gains in telecommunications products, but management also cautions electronic learning products likely to remain negative. At pre-open, stock +2.0% at HK$41.00. (LWS) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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