RESEARCH ALERT-BNP Paribas cuts Hong Leong to reduce from buy
SINGAPORE, May 28 (Reuters) - BNP Paribas has downgraded its investment rating for Hong Leong Finance to "reduce" from "buy" and cut its share target price to S$3.30 from S$4.50, citing lower loan growth and a weak wealth management business.
"Our recent conversations with management point to slower loan growth ahead and the need to continue to gather more deposits to ensure a liquid balance sheet," BNP Paribas analyst Ng Wee Siang said in a note to clients.