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

04/12/2020 17:55

{I-bank focus}Worst looks over for China Banks - Citi

[ET Net News Agency, 4 December 2020] Citi Research expects China banks to record much
faster earnings growth in 4Q, given (1) MOF has a strong desire for banks to maintain
stable DPS; (2) strong bank earnings will be welcomed by policymakers as a signal to the
market that the economic recovery is on track; (3) banks have an incentive to report
stronger NPAT growth to boost core capital.
In addition to an earnings rebound, the research house sees various operating trends
improving, with NIM to bottom out in 1H 2021 and fee income to rebound, and with credit
cost stable, supporting a sustainable earnings recovery.
Citi revised up its FY2020/21/22 earnings forecasts and expects growth on average of
-2%/+4%/+6.4%, respectively. It also adjusted its target prices for the banks it covers as
follows:

Name Rating Target Price
-----------------------------------------------------
ICBC (01398) Buy HK$5.78 to HK$6.48
CCB (00939) Buy HK$7.58 to HK$8.39
ABC (01288) Buy HK$3.86 to HK$4.31
BOC (03988) Buy HK$3.86 to HK$4.33
PSBC (01658) Buy HK$4.76 to HK$6.38
BankComm (03328) Buy HK$5.30 to HK$6.09
CMB (03968) Buy HK$46.67 to HK$57.37
Minsheng Bank (01988) Buy HK$6.10 to HK$5.77
CITIC Bank (00998) Buy HK$5.42 to HK$5.57
China EB Bank (06818) Buy HK$3.69 to HK$4.35
CQRC Bank (03618) Buy HK$4.46 to HK$4.54
Huishang Bank (03698) Sell HK$2.30 to HK$2.00

(KL)

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