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2009-6-19 02:47:00 p.m. HKT, XFNA
DJ MARKET TALK: CLSA Prefers Dongxiang, Anta To 361 Degrees IPO
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| 1439 [Dow Jones] STOCK CALL: CLSA likes listed China Dongxiang (3818.HK), Anta Sports (2020.HK) better than IPO candidate 361 Degrees (1361.HK), citing weak brand equity, poor operating cashflow, high inventory risk in retail channel, short track record of retail channel management. Says 361's stellar profit growth over 2006-2008 largely driven by aggressive new store openings, rather than same-store sales growth. Recommends investors subscribe to IPO at low end of pricing range of HK$3.15-HK$4.35. (JYC) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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