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

01/02/2021 11:44

{I-bank focus}Credit Suisse lifts CCB (00939) to HK$8

[ET Net News Agency, 1 February 2021] Credit Suisse lifted its target price for China
Construction Bank (CCB) (00939) to HK$8 from HK$7.2 and maintained its "outperform" rating
on very attractive valuation, given (1) solid fundamentals, (2) growth will recover in
2021, and (3) sector laggard in recent month.
The research house revised up CCB's 2020 profit growth from -1.1% to 1.7% to reflect
macroeconomy strength in 4Q. This compares with consensus deeply negative at -7.6%. Credit
Suisse said data released recently improves visibility and leads it to forecast stronger
recovery in 4Q.
Compared with our earlier assumptions, Credit Suisse now considers a slightly higher top
line and PPoP growth, and also a slightly lower provision charge for the full year. It
believes the divergence between banks will widen in 2020 results and in 2021, and CCB is
well-positioned. (KL)

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