Daiwa Starts China Glass With Sell

Daiwa Institute of Research starts coverage of China Glass (3300.HK) with Sell rating, 6-month target of HK$1.20, based on 1.0X PBR on FY06 BVPS forecasts; "we do not think China Glass will trade significantly higher than its book value over the short term" as float glass industry expected to stay in downturn next year.

Expects net profit down 53% to CNY30.5 million for 2005, down 18% to CNY25.0 million for 2006. Believes current valuation unattractive at PER of 32.8X, PBR of 2.0X FY06 forecasts. Shares last down 1.2% at HK$2.15.

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