[ET Net News Agency, 18 June 2019] Daiwa Research raised its target price for Postal
Savings Bank of China (PSBC)(01658) to HK$4.55 from HK$4.4 and maintained its "hold"
rating.
The research house said PSBC has recently received CBIRC approval for its A-share
offering, making it the sixth SOE bank to debut on the A-share market. Daiwa estimated
that PSBC will raise no more than CNY32.7bn based on its end-1Q BVPS of CNY5.49, which
would lift its end-2019 CAR by 0.7pp.
As per management, PSBC enjoys a differential treatment by the regulators in inclusive
MSE lending versus other SOE banks, given its unique positioning in serving MSE clients.
Daiwa looks for PSBC's PPOP growth to continue to normalise to 11-13% YoY over 2019-21
from 30-40% YoY for 2017-18. (KL)
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01658 PSBC
Nominal 
4.050 +0.010 (+0.248%) Research Report
18/06/2019 11:15
[I-bank focus]Daiwa tweaks PSBC (01658) to HK$4.55
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