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2009-6-26 08:28:00 a.m. HKT, XFNA
DJ MARKET TALK: Daiwa Ups Tai Cheung Target To HK$4.85 Vs HK$4.40
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| 0820 [Dow Jones] STOCK CALL: Daiwa raises Tai Cheung (0088.HK) target to HK$4.85 vs HK$4.40, based on 50% discount to end-2009 NAV forecast, with house also increasing FY10-FY11 net profit forecasts by 20%, 31%, respectively, to reflect pick-up in sales of its properties. "We think the sale of luxury houses should help Tai Cheung to realize its NAV and that its net-cash position makes it well placed to pursue new investments." Keeps at Outperform. Stock ended +3.0% at HK$4.45 Thursday.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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