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2009-7-3 11:22:00 a.m. HKT, XFNA
DJ MARKET TALK: Citi Raises Xinyu Hengdeli Target 75% To HK$2.80
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| 1114 [Dow Jones] STOCK CALL: Citigroup raises Xinyu Hengdeli's (3389.HK) target to HK$2.80 from HK$1.60 after increasing 2009 earning estimate to CNY387 million from CNY352 million, raising 2010 earnings estimate to CNY465 million from CNY373 million, mainly on Xinyu's plans to reaccelerate network expansion in China, aiming to have over 300 outlets by end-2011 from 200 outlets in 2008, and higher same-store-sales growth expectations. "China SSS growth during 5M09 was a low single digit and we think it will accelerate to a high single digit in 2H09, led by improvement in consumer sentiment on luxury goods as asset prices continue to recover." Keeps at Buy on view current valuation at 12X 2010E PER still looks undemanding for China discretionary. Stock off 2.2% at HK$2.18; HSI down 0.3%. (LWS) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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