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2009-6-9 03:51:00 p.m. HKT, XFNA
DJ MARKET TALK: HSBC Upgrades Citic Bank, Bank Of Communications
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| 1534 [Dow Jones] HSBC expects China banks' profit growth to return in 2009, accelerate to about 20% in 2010, with NIM bottoming in 1H09, NPL risks delayed. Says economic data supports China's 2009 target of 8% GDP growth, with government's aggressive monetary easing efforts succeeding in getting capital flowing. Expects monetary policy to be less negative for banks going forward, now expects no rate cuts in 2009. Prefers mid-sized banks Bank Of Communications (3328.HK), Citic Bank (0998.HK) in near term on greater profit improvement. Upgrades both BoComm, Citic Bank to Overweight from Underweight, raises BoComm target to HK$9.00 from HK$4.50, raises Citic target to HK$5.60 from HK$3.20. Upgrades CCB to Neutral from Underweight, raises target to HK$5.80 vs HK$4.20. Raises China Merchants Bank (3968.HK) target to HK$14.90 from HK$9.31; keeps at Underweight. Raises BOC (3988.HK) target to HK$3.70 from HK$3.00, raises ICBC (1398.HK) target to HK$5.40 from HK$4.20; keeps both at Neutral. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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