[ET Net News Agency, 1 February 2021] Credit Suisse lifted its target price for Bank of
Communications (03328) to HK$4.9 from HK$4.3 and maintained its "neutral" rating, given
its fundamentals are still weaker among national banks.
The research house revised up BankComm's 2020 profit growth from -17.5% to 0.3% to
reflect macro economic strength in 4Q. This compares with consensus deeply negative at
-9.8%.
Credit Suisse now considers a lower provision charge for the full year. It thinks
BankComm's asset quality and reserve buffer may be weaker than national bank peers,
however. (KL)