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2009-6-18 10:18:00 a.m. HKT, XFNA
DJ MARKET TALK: CS Keeps Underweight On Hong Kong Banking Sector
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| 1009 [Dow Jones] Credit Suisse keeps Underweight on HK banking sector. "We think the recent recovery in P/B multiples are justified by balance sheet relief. For further P/B multiple expansion from here, we believe the banks must show signs of growth and ROE recovery," it writes. Notes revenue momentum remains poor based on HKMA quarterly bulletin, with NIM down sharply due to decline in loan-to-deposit ratio and low interest rates. Adds, revenue outlook remains a challenge, coupled with weakness in wealth management and banking fees. Among HK banks, Hang Seng Bank (0011.HK) down 0.6% at HK$107.90, Bank of East Asia (0023.HK) flat at HK$23.90, BOC HK (2388.HK) flat at HK$13.08. HSI down 0.3%. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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