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2009-7-7 11:11:00 a.m. HKT, XFNA
DJ MARKET TALK: Texwinca Down 3.3%; FY09 Results Below View - DBS
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| 1053 [Dow Jones] Texwinca (0321.HK) down 3.3% at HK$5.81, extending from yesterday's 2.8% fall after FY09 results released Monday midday; firm's net profit down 7% on-year. DBS says results below expectations on weaker retail performance, especially in 2H, as well as lower forex gains. "Retail division is yet to see any significant rebound though the shell-shock impact noted in 4Q (in last fiscal year) is unlikely to recur." Lowers earnings forecast by 9% for FY10. Keeps at Hold, raises target price to HK$5.90 from HK$4.55, after rolling over target base period to FY10, premised on 10X P/E for retail, 8X for textile.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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