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2009-6-17 10:51:00 a.m. HKT, XFNA
DJ MARKET TALK: VTech +10.7%; BOCI More Than Doubles Target Price
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| 1043 [Dow Jones] VTech (0303.HK) jumps 10.7% to HK$48.15, adding to 8.2% post-results gain yesterday; volume again heavy at HK$20.7 million, psychological HK$50 may be short-term target. At HK$50 stock would still offer more than 8% dividend yield, remains attractive. BOCI bumps VTech target to HK$53.00 from HK$24.90 based on higher target P/E of 10X FY10; keeps Buy call; tips VTech's growth in FY10 will stem mainly from telephone business, thanks to market-share gains in North America, new exclusive orders from Deutsche Telekom, penetration into more emerging markets. Forecasts FY10 net profit will rebound 17% on-year to US$168 million. (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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