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2009-6-17 11:25:00 a.m. HKT, XFNA
DJ MARKET TALK: Water Oasis +0.9%,Off High; More N/T Gains Likely
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| 1103 [Dow Jones] Water Oasis (1161.HK) +0.9% at HK$2.20, but pulling back after earlier spiking to HK$2.40, volume breakout (3.63 million shares traded so far vs 166,000 shares all of yesterday) bodes well for more near-term gains, may not be tough order to revisit HK$2.40. 1H net profit +32.4% on-year at HK$43.2 million, showing solid, steady growth (FY06-08 net profits HK$13.6 million, HK$40.7 million, HK$71.2 million respectively), valuation appears undemanding relative to earnings growth. Another key attraction is high dividend payout with interim plus special dividend of 10 HK cents implying 85.5% payout ratio; historical yield at 9.6%. If assuming investors willing to accept 8% yield, would already nudge stock to trade nearly HK$2.70. Drawback is lack of analysts coverage, thin liquidity.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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