Hutchison Whampoa (OTC: HUWHY, Germany-HUWA.F) Continues Breath-Taking Run Heading HK$80 (ADR $51.56)
Hutchison Whampoa continues its breath-taking run since interim results out early August. The stock closed at HK$72.4 (ADR $46.66)on Thursday, up 3% on top of 4.1% gain on Wednesday. The stock has now risen over 36% since 1H results, outperforming Hong Kong HSI’s +3% during the same period. Despite its outperformance, drastic re-rating underpinned by expectations of turnaround of conglomerate’s long-suffering 3G business has not been done by large funds yet. The stock has become the spearhead of the Hong Kong blue chips and some stock market commentators in Hong Kong have upgraded its target at HK$80 (ADR $51.56) in near term. Technically the stock has been overbought and HK$75 (ADR $48.33) will be its near term resistance after days of advances. The stock is a top pick and any meaningful correction is an entry opportunity.
Related articles:
Hutchison Whampoa Eyes HK$70+ (ADR $45+)( 9-19-2010)
Comments are closed.