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2009-7-3 10:54:00 a.m. HKT, XFNA
DJ MARKET TALK: CNY Settlement L/T Positive For HK Banks - Citi
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| 1038 [Dow Jones] Citigroup says CNY trade settlement has "significant long-term implications" for HK banks though short-term impact likely small given initial restrictions. Key beneficiaries BOC HK (2388.HK) as CNY clearing bank in HK, with potential to achieve outsized market share in CNY services; also benefits ICBC Asia (0349.HK), with its leverage on mainland parentage providing potential for outsized impact given small scale of existing operations. Top sector picks - BOC HK on reasonable valuations, CNY trade settlement benefit, MBS write-back potential, and Dah Sing Banking (2356.HK)/Dah Sing Financial (0440.HK) on cheap valuations, potential downward credit cost normalization. BOC HK down 0.7% at HK$13.80.(RLI) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(Delayed by 1 hour)
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