[ET Net News Agency, 11 January 2018] Nomura Research lifted its target price for ICBC
(01398) to HK$8.86 from HK$7.8, and maintained its "buy" rating.
The research house said ICBC recorded decent NIM improvement in 9-month 2017 to 2.17%,
which Nomura expects to rise further to 2.21% by FY2017 on better loan yield and
relatively stable deposit cost, and rise further to 2.28%/2.41% by FY2018/19 for similar
reasons.
It lifted its FY2018/19 NIM forecasts by 1bp/6bp to reflect the cumulative effect of
loan repricing, at relatively stable funding cost of 1.70%/1.73% for FY2018/19, on a solid
deposit franchise and low LDR of 73% by 9-month 2017.
Nomura expects ICBC's loan growth to slow down as it sees: (a) systematically lower loan
growth; (b) better loan turnover and efficiency; and (c) the bank's prudence. (KL)
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01398 ICBC
Nominal 
4.140 +0.020 (+0.485%) Others
11/01/2018 11:44
[I-bank focus]Nomura lifts ICBC (01398) to HK$8.86
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