Hang Seng Bank Target Price HK$130 by Nomura

Nomura resumed coverage of Hang Seng Bank (Hong Kong stock code 0011) with a “neutral” rating and price target of HK$130, up from HK$126 previously. The research house said earnings progression is likely to be challenging in 2011 owing to compressing margins and slow asset growth, which could cap Hang Seng’s upside potential. However, Nomura sees downside support as the stock is offering a 4.4% dividend yield.