<ET Net News Agency, 23 August 2011> UOB Kay Hian lifted its target price for China
Travel (00308) to HK$2.6 from HK$2.35, and retained its "buy" rating.
It said China Travel's 1H profit surged sharply due to a significant reduction in
depreciation after certain fixed assets in Zhuhai Ocean Spring Resort was fully
depreciated in 2010.
The house believes China Travel's 1H results could be seen as a reference point for
future earnings where core earnings in each half-year period should be around HK$250m.
UOBKH foresees further improvement in the hotel, scenic spots and resorts operations shall
enable China Travel's future earnings to exceed the normalised 1H numbers.
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