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2009-5-12 09:37:00 a.m. HKT, XFNA
DJ MARKET TALK: CS Tips HK Bank Shares To Consolidate After Rally
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| 0928 [Dow Jones] Credit Suisse tips period of consolidation for Hong Kong banking shares after recent rally signals first phase in normalization of ROE expectations, valuation multiples. "With the exception of Dah Sing, the Hong Kong banks trade above book value, implying that balance sheet relief is largely priced in." Says for further material upside, pre-provision operating profit needs to rebound to levels supporting upside to ROE, EPS growth; "This still appears some way off." Keeps sector at Underweight. Says preference among large banks remains BOC HK (2388.HK), Hang Seng Bank (0011.HK), BEA (0027.HK); says among small caps, prefers ICBC Asia (0349.HK), Dah Sing (2356.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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