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2009-6-26 11:02:00 a.m. HKT, XFNA
DJ MARKET TALK: Tai Cheung Down 0.4%; FY09 Net Profit Down 40%
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| 1051 [Dow Jones] Tai Cheung (0088.HK) down 0.4% at HK$4.43, likely due to profit-taking post-results (released yesterday after market close) after stock's 6.0% gain over past 2 sessions. ICEA says "weak" FY09 results due to slow property sales (net profit down 40% on-year at HK$211 million, total sales down 19.2%). Notes, lower property prices also result in booking of revaluation loss of HK$21.6 million. House does not rate stock, but says stock's valuation unappealing at 13.1X FY09 P/E. However, expects Tai Cheung to generate good revenue from luxury residential project at Plunkett's Road (completed in early 2009) in view of recent recovery of local luxury property prices.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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