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Swatch集团日前宣布从市场增持公司股权,从原来4.82%提升至6.27%。我们认为此举反映Swatch十分重视其与新宇之间的伙伴关系,增持对日后巩固双方的合作关系起正面作用。鉴于新宇06年失去欧米茄及雷达表零售权风险降低、加上双方有机会加强合作以提升长远估值,故此我们调高公司6个月目标价18%至2.60港元,长期目标价则上调12%至2.90港元。
Swatch Group recently announced that it will increase its stake in the company from the market to 6.27% from 4.82%. We think this move reflects that Swatch attaches great importance to its partnership with Xinyu and that the overhaul will play a positive role in consolidating the cooperative relations between the two sides in the future. In view of the reduced Xinyu risk of retail sales of Omega and radar meters in 2006 and the opportunity for both parties to step up cooperation to enhance long-term valuation, we raise our target price for 6-month to 18% to HK $ 2.60 and long-term target price by 12% To HK $ 2.90.