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2009-1-6 09:48:00 a.m. HKT, XFNA
DJ MARKET TALK: CS Tips Defensive HK Plays In Model Portfolio
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| 0928 [Dow Jones] Credit Suisse's model HK portfolio constructed on defensive basis, using extreme caution, due to earnings risks ahead, with downgrade risks still high for sectors such as property, banks. Says stock picks are most-defensive, high-quality counters in each sector, avoids plays with high correlation to financial market, high-end consumption, property. Overweight on consumer discretionary, transportation, telecoms, utilities. Tips key transportation pick as MTRC (0066.HK) as combines exposure to mass transit, low-risk development property. Says Underweight on property, but tips top sector pick as Wharf (0004.HK) for exposure to decentralized office, tourist-centric shopping malls. Also Underweight on banks and diversified financials, but tips top pick as Hang Seng Bank (0011.HK) as most defensive among HK banks. Also tips Swire (0019.HK) as another relatively defensive pick; says also continues to like Hutchison (0013.HK), Varitronix (0710.HK), CLP (0002.HK). (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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