[ET Net News Agency, 26 January 2021] Credit Suisse lifted its target price for China
Citic Bank (00998) to HK$4 from HK$3.3 and maintained its "neutral" rating.
The research house said CITIC reported a net profit of Rmb49bn and growth at 2% in 2020,
implying 66% growth in 4Q. The results were a mixed bag. Revenue regained positive growth
in 4Q and full-year growth at 3.8%. Due to a sharp rise in 4Q cost, PPOP (pre-provision
operating profit) growth decelerated to 5.3% from 8.4% in the 9-month period. Operating
profit grew 89% in 4Q versus -10% in 3Q, mainly due to a 37% decline in provision charge.
On 31 October 2020, the bank's senior management announced plans of purchasing H shares
of no less than Rmb20.2mn before end-February 2021. Credit Suisse thinks management
purchase showed confidence in the bank, and in 2021, its performance will improve with
China's macroeconomy. (KL)
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00998 CITIC BANK
Nominal 
4.310 -0.020 (-0.462%) Research Report
26/01/2021 17:31
{I-bank focus}Credit Suisse lifts Citic Bank (00998) to HK$4
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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