[ET Net News Agency, 15 September 2020] J.P. Morgan lowered its target price for China
Cinda Asset Management (01359) to HK$1.8 from HK$1.9 and maintained its "overweight"
rating.
The research house said Cinda's profits contracted 27% in 1H, in line with the profit
warning released in July. The key drags on profits include fair value changes on
debt-to-equity swap (DES) investments and a rise in impairment charges.
Nonetheless, JPM expects revenue growth to rebound in 2H on the back of an acceleration
in NPL (non-performing loan) disposal volume, stable net interest margin on receivables
and banking business, and a moderate recovery in the fair value of DES assets.
On the asset quality side, JPM expects the impairment ratio on receivable assets and
loans to be stable on the back of a macro recovery. (KL)
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01359 CHINA CINDA
Nominal 
0.670 -0.010 (-1.471%) Research Report
15/09/2020 11:08
{I-bank focus}JP Morgan lowers China Cinda (01359) to HK$1.8
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