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Hong Kong electric Lights fall 1.03% Citi rating for HK $46

Source: Internet
Author: User
Keywords Hong Kong dollar Citi light defensive airway
Tags compared higher higher than index it is lamp market stock
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The Hong Kong Electric Lamp (00006-HK) fell by 1.03% to HK $43.35 and sold HK $68.9983 million in the morning, and the stock index fell 1.97%. Citi maintained the share rating but lowered its target price from HK $48.50 to HK $46.　　The bank said while the stock has been relatively competitive in a bear market because it is relatively defensive compared to other index-stock stocks, the rise in share prices seems limited, as the stock is now undervalued, equivalent to a forecast-earnings ratio of 14.3 times times the 09 fiscal year, 25% per cent higher than the historical average. The bank also pointed to a drop in first-quarter sales from a year earlier, dragged down by lower economic activity and a warmer climate during the winter months, with management expecting a flat sales growth for 09 and less than 1% per cent for the HEC's 2009-11 net profit forecast.

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