not vested
DJ MARKET TALK:HK Industrial Shrs Strong;Citi Upgrades Techtronic
1222 [Dow Jones] Fresh punting in HK industrial stocks, with Techtronic (0669.HK) leading today's gains, +17.8% at HK$2.65, likely spurred by Citigroup upgrading stock to Buy from Sell, but cuts target price by half to HK$3.90, which still provides meaningful upside. Thinks company's ability to refinance half of US$180 million borrowings due in 2008 into 2-year term loan was key to its recent rally as reflects bank support.
Several other industrial stocks getting boost following Techtronic strength: Johnson Electric (0179.HK) +6.9% at HK$1.85, Singamas Container (0716.HK) +13.3% at HK$1.02. JE, Singamas both unable to breach recent highs, at HK$2.04, HK$1.20 respectively; likely short-term caps. Techtronic's intraday high of HK$2.71 likely immediate resistance.
Source: Dow Jones Newswire