HAIER ELEC (01169.HK) downgraded to Neutral with target raised to $12.8by UBS
2012-12-21 11:10:30

UBS noted in a report that the HAIER ELEC (01169.HK)  +0.150 (0.670%)    Short selling $11.38M; Ratio 17.446%    's CB and warrants held by Carlyle will expire by the end of January next year. If all are exercised, the EPS would be diluted by 4% and 1.6%, bringing negative impact to the stock price.

The stock valuation has cumulatively risen 30% over the past three months, sending the 2013 diluted P/E of 13 times, which is close to the Bank's estimates. The rating is lowered from Buy to Neutral with target lifted 11% from $11.5 to $12.8.

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