South Korea: Hite Brewery rated "equal weight"

Hite Brewery Co., South Korea's top brewery, was rated "equal weight" by analyst Kate Chung of Morgan Stanley. The target price has been raised from W99,000 to W109,000.

“The appreciation in the company’s share price, relative to the KOSPI, during the last three months was driven by the market’s optimism regarding potential synergies from the Jinro acquisition”, the analyst, Kate Chung, mentioned in a research note published on November 16. Hite Brewery has posted its 3Q05 operating profit and sales short of the estimates and the consensus. The net profit estimates for 2006 and 2007 have been raised by 10.7% and 11.8%, respectively, to reflect reduced goodwill amortisation expenses and interest expenses.

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