[ET Net News Agency, 11 January 2018] Nomura Research lifted its target price for Bank
of Communications (Bankcomm)(03328) to HK$6.53 from HK$4.91, and upgraded its rating to
"neutral" from "reduce".
The research house said Bankcomm's LDR rose to 91% by 9-month 2017, which was higher
than our expectations. As China's overall deposit growth remained weak into 4Q 2017 and
interbank rates closed at higher levels by the end of the year, Nomura believes Bankcomm's
NIM recovery is unlikely to play out in 4Q 2017.
Nomura cut its FY2017 NIM forecast by 4bp to 1.56% - 1bp lower than its 9-month 2017 NIM
of 1.57% - and further cut its FY2018/19 NIM forecasts by 11bp/12bp to 1.56%/1.61% - to
reflect the higher funding cost pressure and slower NIM recovery. (KL)
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03328 BANKCOMM
Nominal 
5.440 +0.010 (+0.184%) Others
11/01/2018 11:56
[I-bank focus]Nomura lifts Bankcomm (03328) to HK$6.53
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