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Prospects turn brighter for select banks.
(From The Standard)
Byline: Louis Beckerling
Analysts have run the rule over the recent strong rally in Hong Kong bank stocks and concluded more share price gains could be in store for selected counters.
Top picks for researchers at HSBC are BOC Hong Kong (Holdings), Citic International Financial, ICBC Asia and Dah Sing Financial.
But in a report, headlined ``Light at the end of the tunnel'', released to customers this week HSBC said fresh optimism over economic recovery in 2004 had prompted a sector-wide upgrade from underweight to overweight, and a dramatic overhaul of forecasts on bad-debt provisioning and earnings (see table).
A house view that the Hong Kong economy was set to expand by a strong 4.2 per cent in 2004 (up …
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