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Lehman Brothers raised price target on China Resources Enterprise by 12.5%
20 November 2007
Lehman Brothers has raised its recommendation on China Resources Enterprise to 'Buy' from 'Neutral' and its price target by 12.5% to 33.30 Hong Kong dollars, after the Chinese conglomerate posted strong results for the third quarter.
On Monday after the company said its net profit rose 21 percent in the third quarter from a year earlier.
Net profit grew to 765 million dollars in the third quarter from 630 million, boosted by increased contributions from its core retail and beverage businesses, the company reported earlier.
Current market capitalization for China Resources Enterprise is $71.1 billion Hong Kong dollars ($9.14 U.S. dollars)
P/E ratio: 25.94
Current share price on the Hong Kong Stock Exchange: $29.85 Hong Kong dollars ($3.83 U.S. dollars )
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