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2009-7-7 04:11:00 p.m. HKT, XFNA
DJ MARKET TALK: Texwinca Down 3.7%; But Attractive Valuation-ICEA
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| 1558 [Dow Jones] Texwinca (0321.HK) down 3.7% at HK$5.79, extending yesterday's 2.8% fall after results for fiscal FY09 ended March released Monday midday, with firm's net profit down 7% on-year; current falls likely due to post-results profit-taking after stock +12.8% vs end-May level. ICEA says profit decline and 0.5 percentage-point contraction in gross margin due to unexpected upsurge of fuel costs in fiscal 1H and slower order flows in fiscal 3Q. House doesn't rate stock, but say its valuation attractive, with stock trading at around 9.3X historic P/E. "In view of improving business environment and earnings outlook, Texwinca could value at its 5-year average valuation of 13.7X P/E at HK$8.80."(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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