GUANGSHEN RAILWAY(525.HK):OW: GOOD ASSETS; STOCK APPEARS OVERSOLD
汇丰银行(中国)有限公司2013-07-12
Recovery in passenger volume and better cost control bodes well for profit rebound in 2013 We see upside risk in dividend as earnings recover and believe the stock has been oversold Reiterate OW rating, reduce target price to HKD4.4 per share (from HKD4.5) based on DCF valuation as we lower FY13 EPS by 5.5% and FY14 by 3.1%