[ET Net News Agency, 22 May 2020] Nomura reduced its target price for ICBC (01398) to
HK$6.22 from HK$6.63 and maintained its "buy" rating.
The research house expects ICBC to deliver stable operations amid economic uncertainties
led by the COVID-19 pandemic, with relatively steady earnings growth at 4% for 2020,
versus 4.9% for 2019.
Nomura thinks the steady earnings growth would be mainly driven by accelerated volume
expansion given monetary policy stimulus, despite continued NIM and asset quality
pressures. (KL)