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00939 CCB
RTNominal up6.250 +0.090 (+1.461%)
Research Report

19/10/2020 17:12

{I-bank focus}Morgan trims CCB (00939) to HK$7.3

[ET Net News Agency, 19 October 2020] Morgan Stanley lowered its target price for CCB
(00939) to HK$7.3 from HK$8.7 and maintained its "overweight" rating.
The research house believes the key concern on China banks has shifted from macro/NPL
risks to uncertainties from policy window guidance, which has reduced the chance of
excessive ROE at state-owned China banks when GDP growth and credit demand finally slows
in the future.
Morgan said likes CCB's healthy NII growth due to resilient NIM and a likely modest
acceleration in asset expansion. NIM is likely to be more resilient due to large exposure
to upward mortgage repricing, a small exposure to declining yield on discounted bills, and
longer loan maturity, as well as stable and low-cost deposit funding.
It believes CCB is also likely to invest more in government bonds, resulting in higher
asset growth. (KL)

Remark: Real time quote last updated: 07/05/2021 17:59
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