 |
|
  |
2009-6-9 12:11:00 p.m. HKT, XFNA
DJ MARKET TALK: Most HK Banks Underperform; "Be Selective" - HSBC
|
| |
| 1200 [Dow Jones] Most HK banks underperform vs HSI's 1.6% loss, with BOC HK (2388.HK) down 2.5% at HK$13.22, Hang Seng Bank (0011.HK) down 2.4% at HK$111.40, Bank of East Asia (0023.HK) down 5.0% at HK$25.50, ICBC Asia (0349.HK) down 3.8% at HK$13.66, Wing Hang Bank (0302.HK) down 4.7% at HK$66.40. Falls heavier in sector likely due to profit-taking after their recent outperformance, with these stocks up 22.6% to 51.2% vs end-April levels, vs HSI's 17.6% gain during same period. HSBC suggests "be selective" picking HK banks, as house believes re-rating unsustainable until macro economy fully recovers. Notes credit market recovery eases capital concerns, but ROE unlikely to return to levels seen between 2004 and 2007. House cuts BEA to Underweight vs Neutral, raises target to HK$22 vs HK$15; adds, ICBC (Asia) remains top pick.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
-0-
Copyright (c) 2009 Dow Jones & Company, Inc. |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
