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

02/11/2020 16:33

{I-bank focus}Daiwa lowers CCB (00939) to HK$7.4; "buy"

[ET Net News Agency, 2 November 2020] Daiwa Research lowered its target price for China
Construction Bank (CCB) (00939) to HK$7.4 from HK$7.6 and maintained its "buy" rating.
The research house cited CCB's management from the analyst briefing on 30 October
attributing the QoQ rise in 3Q NIM (net interest margin) to lower costs from interbank
liabilities and debt securities, and improved asset utilization, with a higher proportion
of interest-earnings assets in total assets.
While facing continuing NIM compression pressure from LPR (Loan Prime Rate) repricing
and deposit competition, CCB is confident of maintaining a peer-leading NIM trend in the
coming quarters by leveraging on its precise asset-liability management.
Daiwa fine-tuned its 2020-22 EPS forecasts by -0.1% to -3.7%, mainly on lower
non-interest income. (KL)

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