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2009-1-9 11:09:00 a.m. HKT, XFNA
DJ MARKET TALK: Wait For Better Buy Chances In China Banks - GS
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| 1050 [Dow Jones] HK-listed China banks mixed with Bank of China (3988.HK) weakest, down 3.6% at HK$1.89, now firmly below Li Ka Shing Foundation's placement price of HK$1.98. Despite relative fundamental strength of China banks vs many other emerging-market banks, with China banks' strong capital, liquidity position, strong near-term front-loaded bank loan growth, supportive macro environment, Goldman Sachs says could be "better entry opportunities" in 1H09, as believes China's macro growth outlook remains data dependent, market's expectation for weak macro indicators, corporate earnings in 1Q09 may increase share price volatility. Says H-share banks trading at average 1.6X FY09 price/tangible book, which "reasonable, but not attractive on an absolute level." China Construction Bank (0939.HK) +1.3% at HK$3.93, above Bank of America's placement price of HK$3.92; ICBC (1398.HK) down 0.5% at HK$3.67. BOC most heavily traded stock with HK$743.1 million; ICBC 3rd, CCB 4th.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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