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00939 CCB
RTNominal up5.010 +0.020 (+0.401%)
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09/02/2018 14:44

[I-bank focus]HSBC lifts CCB (00939) to HK$11.2

[ET Net News Agency, 9 February 2018] HSBC Global Research lifted its target price for
CCB (00939) to HK$11.2 from HK$7.9, and maintained its "buy" rating.
The research house cut its 2017e earnings forecast by 1% due mainly to the lower net
interest income and higher operating expenses; we kept its 2018 earnings forecast largely
unchanged as the higher net interest income and lower provisioning are offset by the lower
fee income and higher operating expenses.
CCB is the world's second-largest bank by assets and is classified as a G-SIB (global
systemically important banks) by the BIS. CCB invests actively in local government bonds,
which offers tax savings and a low risk weighting. Overall, CCB's strategy is to focus on
profitability and capital efficiency, leading to higher-than-peers' ROA and ROE, HSBC
noted. (KL)

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