credit syisse

1035 [Dow Jones] STOCK CALL: Credit Suisse places short-term Buy on Promina (PMN.AU) following Suncorp (SUN.AU) bid. "We deem the most likely scenario is for the SUN/PMN merger to proceed as announced, assuming regulatory approval..." Says PMN trading at 10% discount to broker's merged entity implied valuation of A$7.65, and only 3% above stand-alone fair value estimate of A$6.75. "Hence, in our view, downside is limited under most scenarios." Keeps Neutral rating for longer term. PMN latest up a cent at A$6.95. (RBT)