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2009-7-6 11:47:00 a.m. HKT, XFNA
DJ MARKET TALK: Intime +12.5%; Switches Focus To Profitability,
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| 1134 [Dow Jones] Intime (1833.HK) +12.5% at HK$3.88 on elevated volume, as investors cheer decision to sell 50% stake in Beijing Intime Lotte Department Store to chairman for CNY145 million. Deal likely taken as company switching focus to profitability from expansion; Intime says Beijing store still in early stage of development, requiring significant capital input, not expected generate profit in short term, thus disposal can reduce Intime's financial burden. Still, any benefit from such deal likely priced in given stock's jump, earlier touching HK$4.00, which may be immediate cap. At current price, Intime trades at 20.0X FY09, 16.2x FY10 P/Es based on Thomson Reuters; valuation at best reasonable but definitely not attractive.(RLI) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(Delayed by 1 hour)
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