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01658 PSBC
RTNominal down3.860 -0.020 (-0.515%)
Research Report

21/08/2019 17:50

{I-bank focus}Credit Suisse raises PSBC (01658) to HK$5

[ET Net News Agency, 21 August 2019] Credit Suisse raised its target price for Postal
Savings Bank of China (PSBC)(01658) to HK$5 from HK$4.6 and maintained its "neutral"
rating.
The research house said PSBC's 2Q/1H net profit of Rmb18.9bn (+18%) and Rmb37.4bn (+15%)
track ahead of Credit Suisse's estimates. Meanwhile, non-interest income (+15%) was better
on stronger fees and revaluation gains.
But annualised credit cost for 1H stayed elevated at 114bp (versus 87bp in 1H 2018).
Credit Suisse raised its FY2019-21 earnings forecasts by 5-7%. (KL)

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