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2009-6-24 03:22:00 p.m. HKT, XFNA
DJ MARKET TALK:TF Expects Gradual Recovery For Air China Business
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| 1514 [Dow Jones] STOCK CALL: Taifook expects gradual recovery in Air China's (0753.HK) overall business outlook; keeps stock at Buy. "The sustainable traffic growth and lower (average) fuel prices would be the major impetus for a turnaround of Air China's core operation (in FY09), although the company may also enjoy a sizable write-back of its fuel hedging loss after the rebound in fuel price since the start of the year." Sets target at HK$4.00, equal to 8X forward EV/EBITDA, 2.2X P/B. Stock +2.3% at HK$3.53; HSI +1.9. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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