[ET Net News Agency, 5 March 2021] Citi Research lifted its target price for Dah Sing
Banking (DSBG) (02356) to HK$9.7 from HK$6.5 and upgraded its rating to "buy" from "sell".
The research house turned positive on Dah Sing, expecting earnings recovery starting
from 2021. Citi believes the FY2020 results to be announced at the end of March will
likely be subdued, with the persistent topline headwind, CoR staying at a rather high
level, and the further impairment at Bank of Chongqing.
From 2021-23, Citi expects DSBG to deliver 8-11% earnings growth driven by credit cost
normalization and improving topline momentum.
It also lifted its target price for Dah Sing Financial (00440) to HK$30 from HK$19.3 and
upgraded its rating to "buy" from "sell". (KL)