China Hongxing Sports - DB

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We believe current valuations for China Hongxing are attractive, trading at 8.0x and 6.1x FY08E and 09E PE respectively. The stock is currently trading at a 40% discount to Li Ning and China Dongxiang. The company has about RMB1.7bn net cash or a net cash/share of S$0.12 and ex-cash FY09E PE of 4x. Maintain our Buy recommendation.
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