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2009-6-29 08:23:00 a.m. HKT, XFNA
DJ MARKET TALK: Daiwa Upgrades Xinyu Hengdeli To Outperform
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| 0813 [Dow Jones] STOCK CALL: Daiwa upgrades Xinyu Hengdeli (3389.HK) to Outperform from Underperform following company's share placement which has raised HK$602 million, with funding concerns removed. "We believe this is sufficient to finance its convertible bond repayment obligation due in August 2010." Tips Xinyu's gearing level to fall to 2% from 30% previously, says this should alleviate investors concerns about its financial situation. Raises target to HK$2.79 from HK$1.73, due primarily to change in starting point of its DCF period to FY10 from FY09. Stock ended down 0.9% at HK$2.32 Friday.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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