Neil Murdock ING Groep NV ING-N BUY Jan 13, 2003

We reiterate ING as a TOP PICK.  Their share buyback program has achieved almost 90% of its target.  It trades at 8x earnings, under book value and supports a ROE of 14% (good for a bank).  It pays a nice dividend, backed by a payout ratio under 35% of cash flow.  It has been prudently using some cash reserves to aggressively retire debt and buy back shares.  We continue to recommend a stop at $12.50, looking to achieve $19 -- upside potential of 35%.  Yield 5.3%

With recently reported earnings showing income up 32% over the year, we reiterate ING as a TOP PICK.  It trades at 8x earnings, under book value and supports a ROE of 29%.  Its dividend is backed by a payout ratio under 35% of cash flow.  It added over 11 billion euros in new deposits and their customer base continue to grow.  We continue to recommend a stop at $12.50, with upside to $19.00 -- potential of 38%.  Yield 4.3%

Our PAST TOP PICK with ING is progressing well.  To remain disciplined, we recommend trailing up the stop (from $12.50) to $14.00 at this time.

Our PAST TOP PICK with ING is progressing well.  To remain disciplined, we recommend trailing up the stop (from $14.00) to $15.50 at this time. 

As management just boosted its income guidance after 2nd quarter results beat expectations with strong results in retail and wholesale divisions, we reiterate ING as a TOP PICK. The company is prudently using some cash reserves to aggressively retire debt.  It trades at 8x earnings and right at book value.  We recommend maintaining a tight stop at $15.50, looking to achieve $20.00 -- upside potential of 19%.  Yield 6.6%   

Our PAST TOP PICK with ING has triggered its stop at $15.50.  To remain disciplined, we recommend covering the position at this time.