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DJ MARKET TALK: HSBC Ups Hengan To Neutral; Lower Wood Pulp Costs
0852 [Dow Jones] STOCK CALL: HSBC raises Hengan International (1044.HK) to Neutral from Underweight, and raises its target price to HK$75.30 vs HK$61.00 on lower-than-expected wood pulp costs.
It says wood pulp prices have fallen by 15% since early October, which is positive for Hengan's tissue paper operation, which is forecast to represent 52% of the company's FY12 revenue.
Heng ended Thursday down 2.7% at HK$70.55.
Source: Dow Jones Newswire