HANG SENG BANK(11.HK):POTENTIAL CAPITAL REPLENISHMENT
金英证券(香港)有限公司2014-08-05
Maintain SELL given risk of dilution from potential HKD14b capital replenishment in 2015. TP cut from HKD107.20. Applying PB of 1.7x vs 1.8x before. No near-term catalysts to boost revenue.