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2009-6-16 11:19:00 a.m. HKT, XFNA
DJ MARKET TALK: VTech +10.7%; ICEA Says Valuation Appealing
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| 1107 [Dow Jones] VTech (0303.HK) +10.7% at HK$44.50 on slew of aggressive target price upgrades post-FY results, with CLSA bumping up target 128.3% to HK$46.00, Credit Suisse doubling target to HK$50.00, chiefly on higher valuation metrics as VTech results show good earning quality. ICEA also says "valuation appealing" in view of improving market environment, VTech's leading global market position, strong financial position. "Should the global economy resume growth, it deserves to trade at double-digit P/E multiple," ICEA says. Rally now takes historic P/E to 9.8X with dividend yield still decent at 9.3%. ICEA doesn't formally cover stock. VTech volume already more than yesterday's full-day; day's peak of HK$44.80 may be immediate, but unlikely significant, resistance.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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