What the broker said
Wing Lung Bank is involved in banking and related financial services. Its principal activities include insurance underwriting, deposit taking, futures and securities broking and nominee services.
Last year, Pacific Challenge Securities said the company's interim results for the year were impressive. The group reported a net profit increase of 15.9 per cent year on year to HK$399 million.
The brokerage recommended the company as a buy, saying: 'Management remains the most conservative in the banking sector.'
Its three-month target share price was HK$40, promising more than 20 per cent upside.
In August of this year, the bank announced interim earnings growth at below market expectations.