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01658 PSBC
RTNominal unchange4.520 0.000 (0.000%)
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04/05/2018 13:27

[I-bank focus]HSBC raises PSBC (01658) to HK$5.3

[ET Net News Agency, 4 May 2018] HSBC Global Research raised its target price for
Postal Savings Bank of China (PSBC)(01658) to HK$5.3 from HK$5.2, and retained its "hold"
rating.
The research house said PSBC's 1Q results came in stronger-than-expected, which display
positive net interest income, cost efficiency, asset quality and liquidity; negative fee &
other income; neutral balance sheet and mixed capital ratios.
However, HSBC remains cautious of structural capital needs and possible quarterly
seasonality (as 1Q 2017 showed both capital and liquidity ratio improvements followed by
sequential decline in 2Q, 3Q and 4Q 2017). It raised its 2018/19 earnings forecasts by
7%/5%, factoring in more conservative sector COE and stronger macro USD & HKD FX
forecasts. (KL)

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