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2009-6-4 03:29:00 p.m. HKT, XFNA
DJ MARKET TALK: Daiwa Ups HK Banks To Positive; Ups HSB To Buy
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| 1518 [Dow Jones] Daiwa raises HK banking sector to Positive from Neutral, advises investors to get ready for re-rating; believes recent surge in HK banks' shares due partly to upward revisions to banks' earnings 2009 forecasts by market; says Daiwa's 2009 net-profit forecasts for HK banks about 30%-50% higher than IBES-consensus forecasts, with main discrepancy Daiwa's higher loan-growth, lower credit-cost forecasts. "We believe the market will re-rate Hong Kong banks if their asset quality improves over the remaining quarters of 2009." Daiwa upgrades Hang Seng Bank (0011.HK) to Buy from Underperform, raises target price to HK$139.00 vs HK$79.20 after increasing FY09-10 earnings forecasts by 14.7%, 20.4%; is only stock rated Buy by Daiwa among HK banks. HSB down 0.1% at HK$113.50 vs HSI off 0.9%.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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