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<Research>CCBI Raises TPs for CN Banks, Prefers ABC (01288.HK)/ BANK OF CHINA (03988.HK)
Recommend 49 Positive 62 Negative 38 |
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The valuations of Chinese banks were re-rated amid high market sentiment driven by stimulus policies, CCBI released a research report saying. CCBI expected Chinese banks to deliver stable operating performance in 3Q24, thanks to higher trading income and lower impairment losses, with INDUSTRIAL BANK (601166.SH) expected to post the best earnings growth of 3%, followed by ABC (01288.HK), BANKCOMM (03328.HK) and CITIC BANK (00998.HK). In addition, the broker forecasted NIM to fall 15 bps YoY to 151 bps in 3Q24. CCBI continued to like state-owned banks, especially ABC and BANK OF CHINA (03988.HK). CCBI's ratings and target prices for Chinese banks are listed below: Stock | Rating | Target Price (HKD) ABC (01288.HK) | Outperform | 4.2 → 4.4 BANK OF CHINA (03988.HK) | Outperform | 4.1 → 4.4 BANKCOMM (03328.HK) | Outperform | 6.3 → 6.6 PSBC (01658.HK) | Outperform | 4.8 → 5.5 CM BANK (03968.HK) | Outperform | 41 → 46 CITIC BANK (00998.HK) | Outperform | 5.1 → 6 AAStocks Financial News |
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