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2009-6-23 12:36:00 p.m. HKT, XFNA
DJ MARKET TALK: Cathay Pac Off 2.3%;HSBC Ups FY Earnings Forecast
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| 1226 [Dow Jones] Cathay Pacific (0293.HK) down 2.3% at HK$9.76, outperforming slightly vs HSI's 3.2% fall, likely supported by slump in crude price with July crude futures settling down 3.8% at US$66.93/bbl on Nymex. HSBC keeps stock at Overweight, target at HK$14.00, based on 1.4X forward P/B, while raising FY09 net profit forecast to HK$2.9 billion from HK$200 million, primarily reflecting lower fuel costs, USD weakness, unrealized mark-to-market hedging gains and higher contribution from Air China (0753.HK), partly offset by an assumed asset impairment charge."We believe our positive view is supported by earnings momentum." (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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