DJ MARKET TALK: China Everbright Down 1.6%;1H Profit Down 38% Y/Y
Aug 17, 2010
1053 [Dow Jones] China Everbright (0165.HK) down 1.6% at HK$17.60, after company posts 1H net profit down 38% on-year at HK$445 million, marking only 26% of FY10 net profit forecast based on Thomson Reuters.
Goldman Sachs says bottom-line marks 34% of its FY estimate due to weak earnings at Everbright Securities, but house expects higher 2H10 net income given potential gains on private equity investment exits.
"We believe direct investment exits will become a key driver for book value growth and share performance." Keeps at Neutral with HK$17.90 target.
Source: Dow Jones Newswire