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2009-6-17 08:26:00 a.m. HKT, XFNA
DJ MARKET TALK: VTech Likely To Outperform Further;UOB Ups To Buy
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| 0812 [Dow Jones] VTech (0303.HK) likely to continue outperformance today, but may find yesterday's peak of HK$45.50 as near-term resistance, as investors attracted by high dividend payout ratio of 91%, company delivering strong results despite difficult operating environment. UOB KayHian says VTech "survivor of the cold winter," benefits from industry consolidation, expects VTech to deliver strong results despite challenging environment; forecasts FY10-11 net profits of US$172 million, US$203 million respectively, putting stock on 8.0X, 6.8X forward earnings (would be even lower on ex-cash basis if about HK$9/share cash taken out). House bumps VTech target to HK$48.80 from HK$27.70 on higher target P/E of 9X on re-rating of export-related companies; upgrades stock to Buy from Hold. VTech ended Tuesday +8.2% at HK$43.50.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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