[ET Net News Agency, 10 May 2017] Credit Suisse trimmed its target price for Harbin
Bank (06138) to HK$2.5 from HK$3.6, and downgraded its rating to "neutral" from
"outperform".
The research house said microcredit business is key growth driver of Harbin Bank, which
accounted for 75% of the bank's total loan book and saw 29% balance growth. With the goal
of being an international leading microcredit bank with distinct features, Harbin Bank's
consumer and small enterprise finance would grow at a fast pace in future.
Modern agriculture finance business is another highlight of Harbin Bank, which has been
prompted by national policy on modern agriculture development. Agriculture related
exposure was 21% of loans, which will enable Harbin Bank to benefit from China's rural
land reform initiatives. (KL)