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2009-6-22 10:42:00 a.m. HKT, XFNA
DJ MARKET TALK: 361 Degrees Deserves Hefty Discount Vs Peers -UOB
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| 1036 [Dow Jones] STOCK CALL: 361 Degrees (1361.HK) deserves to trade at hefty discount to leading sportswear-maker peers due to weak brand, UOB KayHian says. "We foresee high risks for the company, given its overaggressive outlet expansion over the last few years, long receivable days, inventory glut at retail channels and deep discounting." Adds, offer price of 10X-14.0X FY09E P/E not particularly attractive vs average 13.8X for domestic peers. 361's offer price to be set June 24, trading due to start June 30. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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