UPDATE 2-Schindler sees stable 2009 profit on Asian demand

* Schindler full-year net profit 634 mln Swiss francs

* Average estimate in Reuters poll 622 mln francs

* Expects to maintain net profit in 2009 at current level

* Shares rise 3.2 percent

(Adds details, analyst comment, shares)

By Katie Reid

ZURICH, Feb 17 (Reuters) - Swiss lift and escalator maker Schindler Holding AG expects to weather the economic slump thanks to its well-filled order books, seeing stable profits after a forecast-beating 11 percent rise in 2008 net profit.

By 1021 GMT, Schindler stock (SCHN.S) SCHP.S, which has already gained some 10 percent so far this year, had risen 3.2 percent to 54.50 francs, outperforming a 1.7 percent drop in the Swiss mid-cap index .SMIM.

Demand for its products in Asia and the Middle East was still growing, especially in China, where government spending was fuelling construction, a Schindler spokesman said.

Net profit rose to 634 million Swiss francs ($546.5 million) in 2008, beating the average estimate of 622 million in a Reuters survey. Schindler also said it would raise its dividend to 2.00 francs from 1.60.

"Schindler reported an excellent result," said Vontobel analyst Serge Rotzer in a note to clients. "With the high order intake the sales for 2009 are almost harvested."

Rotzer also noted the group's high net cash position meant it could resume share buybacks or go for acquisitions.

The group, which competes with Otis (UTX.N) and Kone (KNEBV.HE), expects to maintain net profit at the current level in 2009 and is aiming for an operating margin of more than 10 percent after it reached 10.2 percent in 2008.

But Schindler, which says its lifts and escalators move some 700 million people every day, cautioned a further weakening in economic growth in 2009 would hit demand for elevators and escalators.

"Many countries are already in a recession, and it is extremely difficult to anticipate how the economy will develop," Schindler said.

Orders received rose 2.6 percent at Schindler's elevators and escalators unit in 2008 but the order backlog declined by 4.7 percent to 6.291 billion francs.

Fourth-quarter orders at United Technologies Corp's Otis elevators unit fell 14 percent, but Kone's orders for the period met expectations and the group said it was aiming for net sales and operating profit to at least remain flat in 2009. [ID:nLN82640] (Editing by David Holmes) ($1=1.160 Swiss Franc)