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00998 CITIC BANK
RTNominal down4.170 -0.030 (-0.714%)
Research Report

25/01/2021 11:54

{I-bank focus}JEF upgrades CITIC Bank (00998) to HK$4.29

[ET Net News Agency, 25 January 2021] Jefferies Research lifted its target price for
China CITIC Bank (00998) to HK$4.29 from HK$4.25 and upgraded its rating to "buy" from
"hold" on attractive valuations.
The research house said CITIC Bank's preliminary earnings grew 2% in 2020, indicating an
89% increase in 4Q, likely beating market expectations. But the beat was due to lower
credit cost, as profit before provision declined more than 3Q, likely due to lower NIM.
Jefferies said capital is a key concern considering potential inclusion in domestic SIBs
(systemically important banks). Jefferies lifted its 2020-23 earnings forecasts. (KL)

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