STOCKWATCH: Giordano sharply lower on downgrade by Salomon Smith Barney

HONG KONG (AFX-ASIA) - Giordano International Ltd shares were sharply lower after the company was downgraded by Salomon Smith Barney to neutral, dealers said. Giordano was down 0.15, or 3.41% to close at 4.25 on aturnover of HK$42.86. Salomon Smith Barney downgraded the company given its lower margins in South Korea and a weaker Taiwan market. SSB said in a note that it is cautious on the company's outlook for sales and margins in 2001, adding: "The target price will be lowered to 4.50 hkd from 5.0 hkd." The company said yesterday it posted 2000 net profit of 416 mln hkd on sales of 3.43 bln hkd.

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