DBS maintained the New World Department Store China (0825.HK) buying rating and raised the target price from HK$8.80 to HK$8.94, as it expects a strong rebound in earnings in FY11. DBS pointed out that the company has more than HK$3 billion in net cash in its hands, which is more than HK$2 in net cash per share, with a price-earnings ratio of about 14 times excluding cash. The valuation of New World Department Store China still lags behind similar shares. New World Department Store China rose 4.98% throughout the day to close at HK$7.80.
DBS维持新世界百货中国(0825.HK)买进评级，目标价升至8.94港元
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