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2009-6-24 12:48:00 p.m. HKT, XFNA
DJ MARKET TALK: Taifook Keeps Neutral On HK Banking Sector
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| 1230 [Dow Jones] Taifook keeps Neutral on HK banking sector following sharp run-up in share prices since start of 2009. "Though the worst may be behind us as investment writedowns are nearly over while credit quality remains stable, we expect revenue to come under continued pressure through the year." Tips few positive surprises in upcoming interim results announcements when most banks are expected to suffer from sharp on-year drops in their bottom lines due largely to shrinking revenue bases. Expects mainland operations of HK banks to suffer a sharp drop in profitability in 2009, due to shrinking loan demand as corporations turned to mainland banks for refinancing in China after loan quotas were lifted. Within sector, Hang Seng Bank (0011.HK) +0.9% at HK$107.10, BOC HK (2388.HK) +1.3% at HK$12.48. HSI +1.4%. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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