BNP tips Hutchison Whampoa as top pick in Hong Kong’s conglomerate sector. It tips significant share price upside and keeps Buy call with target price at HK$70.9 (ADR $45.56). It says the stock is trading at steep discount of 38.4% to net asset value vs historical average of 15%. It raises 3G forecast and tips operation to post EBIT of HK$3.1 billion in 2010 vs HK$2 billion previously, which will mark the first year to generate positive contribution to Hutchison since its 3G’s inception in 2002.