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2009-5-6 03:59:00 p.m. HKT, XFNA
DJ MARKET TALK:HK Fincl Shrs Shine After BNP 1Q Results Beat View
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| 1538 [Dow Jones] HK-listed non-China-based financial stocks moving from strength to strength, amid more favorable industry outlook, after BNP Paribas (BNP.FR) 1Q results beat analyst expectations, says Yuk Kei Lee at Core Pacific-Yamaichi. BNP Paribas 1Q earnings "lend support to the general outlook for the industry, while more brokerages are likely to revise their view and earnings forecast on these companies ahead," says Lee. HSBC (0005.HK) +5.4% at HK$61.05, after JPMorgan upgrades stock to Neutral vs Underweight, StanChart (2888.HK) +6.6% at HK$140.00 after strong 1Q trading update; Hang Seng Bank (0011.HK) +9.9% at HK$98.80 on strong interest, says Lee, with stock yielding attractively (at 5.7% FY09 based on Thomson Reuters forecast), while its relatively higher valuation at around 3.7X FY09 P/E appears justified. Other smaller banks, BEA (0023.HK), Wing Hang (0302.HK) and Dah Sing Financial (0440.HK) all rising over 4%.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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