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2009-7-6 12:26:00 p.m. HKT, XFNA
DJ MARKET TALK:Wing Hang Bank +2.4%; Speculative Interest-Analyst
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| 1211 [Dow Jones] Wing Hang Bank (0302.HK) +2.4% at HK$68.20, despite Hang Seng Finance subindex's 0.1% slip and HSI's 0.1% decline, likely due to continued speculative interest; bank tipped to be a takeover target, as mainland banks expected to increase their presence in HK via acquisitions after deal on CNY settlement signed late in June, says analyst at China-linked brokerage. Adds Wing Hang may test HK$85.00 if any M&A deal emerges this year, based on around 3X FY09 P/B; suggests a speculative buy on stock. Wing Hang has stated it's open to potential M&A deals, but said in late June it hadn't been involved in acquisition talks recently; stock hit its year-to-date peak of HK$76.35 on June 26, following local media report citing market speculation that ICBC (1398.HK) may seek to buy it.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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