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2009-6-16 03:29:00 p.m. HKT, XFNA
DJ MARKET TALK: VTech +10.2%: HK$50 May Be Medium-Term Target
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| 1524 [Dow Jones] VTech (0303.HK) shines amid broad market weakness, now +10.2% at HK$44.30; volume hefty at HK$47.2 million, intraday peak of HK$45.50 may be immediate resistance. Investors cheer decision to hike dividend payout ratio to 91%, which Kim Eng says higher than earlier guidance of 65%-70%; adds, VTech stays financially healthy with net cash position of US$287.2 million, or HK$9.10/share. Using KE's figure and stripping HK$9.10/share from share price, would imply VTech only trades at 7.7X historic P/E, undemanding given solid track record. If assuming investors will take 8% yield, would imply share could trade up to more than HK$50, which may be stock's medium-term target.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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