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DJ MARKET TALK: Angang +0.7%; 1H May Surprise Pleasantly - UOB
1140 [Dow Jones] STOCK CALL: Angang Steel (0347.HK) +0.7% at HK$15.00 after yesterday's underperformance pressured by plan of H-shares placement. UOB KayHian says 217.2 million H-shares will dilute FY09 earnings by 3%, but advises Buying shares on weakness as 1H09 results "may surprise pleasantly."
Notes Angang in April guided for 1H net loss of as much as CNY3 billion, vs house estimating 1H loss of CNY2 billion, but given continuing strength in flat steel prices, Angang may surprise with loss in low- to mid-end of 0-CNY3 billion range; target price unchanged at HK$17.80.