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2009-7-6 12:33:00 p.m. HKT, XFNA
DJ MARKET TALK: ML Ups Intime Target To HK$3.60; Underperform
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| 1215 [Dow Jones] STOCK CALL: Merrill Lynch raises Intime Department Store's (1833.HK) target to HK$3.60 from HK$3.36 after lifting EPS estimate by 4-8% for 2009-2011 on back of Intime's deal to dispose 50% stake in Beijing JV store with Lotte. "We view the deal as a short-term catalyst to the current share price as it could remove an earnings drag. However, we still have concerns with its fundamental outlook, on a twelve-month view." Adds, still expects earnings pressure due to startup loss associated with aggressive expansion. Keeps Underperform. Stock +10% at HK$3.80. (LWS) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(Delayed by 1 hour)
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