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2009-3-11 10:21:00 a.m. HKT, XFNA
DJ MARKET TALK: Fubon Bank HK +3.4%; Daiwa Cuts Target By 20%
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| 1010 [Dow Jones] Fubon Bank (Hong Kong) (0636.HK) +3.4% at HK$1.85, but less appealing vs Hang Seng Bank's (0011.HK) 5.3% rise, Bank of East Asia's (0023.HK) 5.1% gain, after reporting FY08 net profit fell 78% on-year; Daiwa says results in line with its forecast, but at low end of market consensus. Daiwa cuts 2009 net profit forecast by 24.7%, also lowers target to HK$1.80 vs HK$2.25, based on 0.6X 2009 BVPS. Notes Taiwan-related business accounted for 27% of FY08 operating profit; company acquired 19.9% stake in Xiamen Bank; expects Fubon's parent to generate customer referrals in China to Xiamen Bank; forecasts Fubon's Greater China business to account for 40% of FY09 net profit. Keeps at Hold, tips dividend yield at 2.8% for 2009. Shares set to find cap at 20-day moving average at HK$1.90. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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