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2009-6-26 12:34:00 p.m. HKT, XFNA
DJ MARKET TALK: Tai Cheung Down 2.2%; FY09 Results Below View-DBS
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| 1221 [Dow Jones] Tai Cheung (0088.HK) down 2.2% at HK$4.35, on profit-taking after reporting FY09 net profit down 40% on-year at HK$211 million; stock +6.0% over past 2 sessions. DBS says results below expectations, with discrepancy stemming from HK$22 million impairment loss on available-for-sale financial assets. But notes, company's key attraction lies in strong exposure to luxury residential sector, which rallied strongly recently. "The supply of these super-luxurious housing projects remains scarce and should offer good appreciation potential." However, adds outlook for hotel operations remains weak with no sign of a turnaround. Keeps at Hold, with target at HK$4.33, representing 55% discount to forward NAV forecast. House lowers FY10 EPS forecast by 14% to 39 HK cents, sets fresh FY11 EPS forecast at 48 HK cents.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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