[ET Net News Agency, 3 November 2020] Credit Suisse lifted its target price for China
Construction Bank (CCB) (00939) to HK$7.2 from HK$6.9 and maintained its "outperform"
rating.
The research house said CCB's attributable profit declined 4.1% in 3Q, thanks to slower
provision growth, and accelerating revenue growth. Profit decline accelerated to 8.7% in
9-month, 1.3pp faster than in 1H.
Credit Suisse revised up its 2020 earnings growth forecasts for CCB to -0.7% (from -10%)
to reflect the improving trend in the bottom line. (KL)