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STOCK ALERT- Hong Kong's Esprit tumbles as FY results prompt downgrade

HONG KONG, Aug 28, 2008 (XFN-ASIA via COMTEX) -- By Staff Reporter

Company: Esprit Asia (ESHDF)

Esprit Holdings Ltd shares tumbled as its year to June results prompted a downgrade by Merrill Lynch.

At 10:30 am, the stock was down 12.65 hkd or 15.67 pct at 67.75, off a low of 65.80

The global fashion apparel retailer announced yesterday 24.5 pct rise in net profit for the year ended June to 6.45 bln hkd, and warned of challenging times ahead.

Merrill Lynch downgraded the stock to "underperform" from "buy" and cut its target price to 75.8 hkd from 105.5, citing lowered earning forecasts for 2009 and 2010.

(1 usd = 7.8 hkd)

george.ng@xfn.com

MMMM

Copyright (C) 2008 Xinhua Financial News. All rights reserved

News Provided by COMTEX

Company: Esprit Asia (ESHDF)


Related terms: apparel, fashion, forecasts, hong kong, net profit

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