Salomon upgrades investment rating of Johnson Electric to ˇ§lead marketˇ¨

Salomon Smith Barney upgraded the investment rating of Johnson Electric (0179), which took soft stance recently, from ˇ§lagging behind the marketˇ¨ to ˇ§leading the marketˇ¨ at target price of HK$13.25. The P/E ration in 2003 will be 28 times. Salomon predicated that core business of Johnson Electric in 2002 and 2003 will increase by 23%. Current share price of the company is much attractive over upgraded rating and recent over 20% fall.

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