DJ MARKET TALK: VC Raises Vinda's Earnings Forecast; Keeps At Buy
1534 [Dow Jones] STOCK CALL: VC Brokerage raises Vinda's (3331.HK) FY09 net profit forecast to HK$362 million from HK$290 million, FY10 to HK$400.3 million from HK$356.2 million, to incorporate higher gross profit margin, higher expenses assumptions.
Raises target price to HK$6.86 (previous target not shown), based on 16X FY10 P/E. Notes, following completion of 20,000 tons new capacity in Jiangmen, Vinda will add another 20,000 tons of new capacity at Liaoning (Anshan) in around Oct. 2010, rather than 1Q10 previously expected, with production capacity expected to reach at least 340,000 tons by end-2010.
Keeps at Buy. Stock down 0.2% at HK$5.39. (SUT)
Source: Dow Jones Newswire