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<Research>JPM Adds CCB (00939.HK) TP to $6.1, Trims PSBC (01658.HK) TP to $4.3
Recommend 91 Positive 171 Negative 73 |
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JPMorgan commented in a report that it expected revenue and pre-provision operating profit of covered Chinese banks to be under pressure in 1Q24, falling by an average of 4% and 6% YoY respectively. Among them, the "big four" SOE banks may record flat to low single-digit profit growth, while the profits of the joint-stock banks may contract. However, the broker expected CITIC BANK (00998.HK) and PING AN BANK (000001.SZ) to post 1Q net profit growth of 3% and 2% respectively, while CM BANK (03968.HK) is predicted to post a flat 1Q net profit YoY. Among the "big four", BANK OF CHINA (03988.HK) is likely to post a better revenue figure, while ABC (01288.HK) may see better profit growth, JPM noted. The broker rated CCB (00939.HK) Overweight and incremented its H-share target price from $6 to $6.1, while PSBC (01658.HK) was rated Neutral, with its H-share target price trimmed from $4.4 to $4.3. AAStocks Financial News |
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