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大福给予盈大地产(00432-HK)买入评级，看3.6港元

Daifuku gave Yingda Real Estate (00432-HK) a purchase rating, looking at HK$3.6

海通國際 ·  Jun 17, 2009 15:00  · Researches

Daifuku published a report saying that it gave Evergrande Real Estate (00432-HK) a purchase rating. The latest target price was HK$3.6, which is equivalent to the exercise price of PCCW Telecom (00008-HK) holding the company's $2.42 billion convertible bonds, that is, 10% off the estimated fully diluted net asset value of HK$4 per share of Evergrande Real Estate, which is nearly double the market price.

Daifuku pointed out that since the stock price of Yingda Real Estate is greatly discounted from the net asset value of Yingda Real Estate, it is expected that institutional investors should have no intention of selling the company's shares until PCCW may make a second privatization proposal.

Yingda Real Estate dropped 2.19% to HK$1.79 yesterday.

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