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<Research>Citi Expects CN Banks 1Q24 Earnings to Be Pressured, Prefers CITIC BANK & CQRC BANK
Recommend 46 Positive 93 Negative 31 |
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Citi Research released a research report expecting its covered Chinese banks to report a relatively weaker revenue/ earnings performance in 1Q24, down 2.8%/ 1.7% YoY each, mainly due to continued pressure on net interest margins due to mortgage re-pricing during the quarter, weak fees due to a higher base in the quarter & a drag from bancassurance revenue, and a continued slowdown in the loan growth rate on a high base (with some loan quotas being brought forward to 4Q23). Among Hong Kong-listed Chinese banks, Citi Research preferred CITIC BANK (00998.HK) and CQRC BANK (03618.HK) for their higher dividend yields and lower valuations. Of which, CITIC BANK's dividend yield reached 9.2%, while CQRC BANK's dividend yield was 9.4%. Citi Research's ratings and target prices for Chinese banks are listed below: Stock | Rating | TP (HKD) ICBC (01398.HK) | Buy | 5.14 CCB (00939.HK) | Buy | 6.93 BANK OF CHINA (03988.HK) | Buy | 4.21 ABC (01288.HK) | Buy | 4.32 PSBC (01658.HK) | Buy | 5.36 BANKCOMM (03328.HK) | Buy | 6.37 CM BANK (03968.HK) | Buy | 35.52 MINSHENG BANK (01988.HK) | Buy | 3.58 CITIC BANK (00998.HK) | Buy | 5.38 CEB BANK (06818.HK) | Buy | 3.02 CQRC BANK (03618.HK) | Buy | 4 AAStocks Financial News |
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