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SCMP Reporter

BUY Tingyi Holding Corp

Closing price: $2.30

Target price: $3

Share price performance (%)

1wk: 0

3mths:22.78

1mth:10.37

1yr:1.19

The rating on the food and beverage maker was upgraded to a 'buy' from 'sell' on a stronger outlook after the company's sale of 50 per cent of its beverage business to Asahi Breweries and Itochu. Merrill  said the deal  would benefit Tingyi financially and operationally. It has upgraded its earnings forecasts for Tingyi next year by 23 per cent to 10.2 US cents per share,  saying Asahi would help Tingyi expand its product line.

Merrill Lynch

HOLD Star Cruises

Closing price: $2.475

Target price: $2.10

Share price performance (%)

1wk: 3.12

3mths:1.9

1mth:15.11

1yr:12.32

The recommendation on Star Cruises was downgraded to 'fully valued' from 'hold' and earnings forecasts were cut on the delayed launch of its cruise liner, Pride of America, due to storm damage.  The delay   would  force more write-offs and provisions, analyst Vincent Khoo said. He expected the company to have incurred a loss of US$40 million last year. He has also downgraded his earnings per share forecast by 34 per cent to 1.1 US cents for this year.

DBS Vickers Securities

BUY New World Development

Closing price: $7.75

Target price: $9

Share price performance (%)

1wk: 13.97

3mths:19.54

1mth:40.7

1yr:90.41

The price target on New World Development was raised  to $9 and a 'buy' call retained because of rising optimism over luxury property and grade A office value. Analyst Eva Cheng said New World had upside potential, with ample liquidity still flowing into the  stock and property markets.  She sees  the luxury property sector outperforming,  leading  to a higher net asset value for the stock.

Sun Hung Kai Research

Nichole Chan



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