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2009-7-2 12:51:00 p.m. HKT, XFNA
DJ MARKET TALK: GS Starts Tingyi At Neutral; Targets HK$13.70
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| 1241 [Dow Jones] STOCK CALL: Goldman Sachs starts Tingyi (0322.HK) at Neutral, target set at HK$13.70 based on 24X 2010 P/E, expecting 24% earnings 2008-2011 CAGR. "We believe the positives have been priced in, as the stock is currently trading at a 17% premium to its peers' average valuation of 19.1X 2010 P/E." But adds, its valuation premium justified by its strong market position, stable earnings growth outlook, as demand growth to be steady for noodles and relatively stronger for beverages in near future. Stock down 2.2% at HK$12.50 midday.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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