ING Upgrades HSB to Buy for its talent management

ING Barings may revise up Hang Seng Bank's (0011) estimates after the bank's better-than-expected 1H01 results. ING says its forecasts were overly aggressive in predicting interest margin erosion, but HSB actually managed to slightly widen NIM to 2.58% from 2.52% in 2H00. Before revising estimates, ING upgrades HSB's rating to buy from sell, for HSB ''management's talents that enabled it to prosper in difficult times''.

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