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2009-7-3 12:06:00 p.m. HKT, XFNA
DJ MARKET TALK: Wing Hang Bank Cut To Neutral - BAS-ML
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| 1154 [Dow Jones] STOCK CALL: Wing Hang Bank (0302.HK) cut to Neutral from Buy by Banc of America Securities-Merrill Lynch, as recent M&A-fueled rally leaves not much upside; "we do not believe an M&A involving WHB is imminent." WHB earlier denied it was in acquisition talks, after media reports tipping ICBC (1398.HK) might bid for WHB. Meanwhile, house ups target to HK$71.00 vs HK$48.50 on lower cost of capital, strong capitalization, but cuts 2009 earnings forecast 18% on reversal of gains it booked on own debt issued in 2H08, possible charge of settling Lehman-related minibonds. WHB now down 1.8% at HK$65.60 vs HSI down 0.5%. (ARP) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(Delayed by 1 hour)
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