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06818 CEB BANK
RTNominal up3.400 +0.100 (+3.030%)

12/06/2019 18:01

[I-bank focus]HSBC revises earnings & TPs for China banks

[ET Net News Agency, 12 June 2019] HSBC Global Research updated China banks' estimates
after considering renewed Sino-US trade tension that may put pressure on investment
sentiment, ongoing policy support which leads to rich sector liquidity and lower effective
lending rates to new SMEs.
The research house has also factored in China banks' more prudent attitude towards NPL
recognition and capital sufficiency. Mid/longer term, HSBC expects rate liberalisation to
lead to mild NIM compression.
It expects slower net interest income growth, as NIM may decline mid/longer term, and a
lower lending rate, partly offset by an improved loan mix. Fee income growth may
accelerate in 2020/21 after adjustments on WMP strategy in 2018/19. HSBC changed its
earnings by +5% to -14% for 2019/20 and reduced the credibility discount by 3ppt.
HSBC revised its target prices for the China banks it covers as follows:
Name Rating Target Price
ICBC (01398) Buy HK$7.80 to HK$7.20
CCB (00939) Buy HK$9.50 to HK$8.80
BOC (03988) Buy HK$4.50 to HK$4.70
ABC (01288) Buy HK$4.70 to HK$4.50
PSB (01658) Hold HK$4.90 to HK$5.10
BoCom (03328) Buy HK$7.10 to HK$7.00
CMB (03968) Hold HK$39.0 to HK$41.1
CITIC (00998) Buy HK$5.90 to HK$5.90
Minsheng (01988) Hold HK$6.20 to HK$6.30
CEB (06818) Buy HK$4.30 to HK$4.40


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