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2009-6-16 11:35:00 a.m. HKT, XFNA
DJ MARKET TALK: Citi Ups Dah Sing Fincl To Buy, Ups Target 196.4%
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| 1124 [Dow Jones] STOCK CALL: Citigroup upgrades Dah Sing Financial (0440.HK) to Buy from Sell, raises target price to HK$41.50 from HK$14.00 after increasing FY09-10 earnings estimates by 66%, 26% on recent pick up in equity prices, marked improvement in bond prices, potential asset quality stabilization in SME book. Says DSF among cheapest HK banks under coverage on P/B, P/PPOP, deposit franchise basis; views cheap valuation underpinned by CQCB, Great Wall acquisitions. Tips FY09 insurance premium growth may slow, but expects better outlook for FY10-11. Says despite stock being one of best performing HK banking stocks year-to-date, outperforming banking subsidiary DSB (2356.HK), believes stock still compelling, trading 1X standard deviation below mean valuation. Stock down 0.7% at HK$29.40; HSI down 2.9%. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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