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MS lowers 2012, 2013 earnings forecasts for CPIC (02601) by 37%, 27%
2012-07-13 10:46:19
 
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Morgan Stanley said CPIC (02601)'s issuance of profit warning was within expectation as the first quarter profit dived 81%. It lowered its 2012 and 2013 earnings forecasts for CPIC by 37% and 27% respectively but it expects CPIC to see a 5% growth in new business value in the second half of the year. Although the growth is small, it already outstrips that of peers. CPIC was rated Overweight with target price set at HK$33.

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