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2009-6-30 10:33:00 a.m. HKT, XFNA
DJ MARKET TALK: 361 Degrees +17.2%; Expansion Overaggressive -UOB
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| 1027 [Dow Jones] NEW LISTING: 361 Degrees (1361.HK) +17.2% (vs IPO price of HK$3.61) at HK$4.23; volume heavy with 120.9 million shares exchanging hand in first 15 minutes vs total of 500 million shares offered, likely taken as evidence of subscribers locking in quick profits, as on trading screen, sell orders outweigh bids. Fundmentally, UOB KayHian foresees high risks given "overaggressive outlet expansion" in last few years, long receivable days, inventory glut at retail channels, deep discounting, argues 361 Degrees "deserves a hefty discount to leading players." Early high of HK$4.28 may be immediate cap. (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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