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2009-6-23 09:55:00 a.m. HKT, XFNA
DJ MARKET TALK:Goldman Keeps Positive View On China's H-Shr Banks
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| 0940 [Dow Jones] Goldman Sachs reaffirms positive stance on China's H-share banks on expectation government's easing policies to continue in 3Q09, boding well for continued macro recovery, modest asset reflation. Adds, NIM may bottom in 3Q09. Says 2010E valuation, growth profile attractive vs regional banks. Raises 2009-11 net profit after tax estimates by average 4%, 9%, 9%; notes house's 2009-10 earnings estimates for H-share banks 8%, 22% above consensus. Rolls targets over to 2010, raises by average 24%. Raises Bank of China (3988.HK) target to HK$4.30 vs HK$3.45; keeps Buy, removes from Conviction Buy list. Upgrades Bank of Communications (3328.HK) to Buy vs Neutral, raises target to HK$9.10 vs HK$6.90. Raises China Citic Bank (0998.HK) target to HK$5.80 vs HK$3.90, keeps Buy. Upgrades China Construction Bank (0939.HK) to Buy vs Neutral, raises target to HK$7.30 vs HK$5.40, adds to Conviction Buy list. Raises China Merchants Bank (3968.HK) target to HK$17.80 vs HK$11.23, keeps Neutral. Raises ICBC (1398.HK) target to HK$6.40 vs HK$5.10, keeps Buy. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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