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<Research>JPM Expects Shr Prices of CN Banks to Stay Weak in Short Term, but Buying Opportunities May Come Given Stable Div.
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JPMorgan noted in a report that managements at Chinese banks maintained a relatively optimistic tone during their 2Q24 results briefings. Confidence in the continued stability of net interest margins and the prospect of a moderation in fee income contraction hinted at a possible stabilisation of revenue growth in 2H24. Mainland lenders also reiterated that they would maintain a stable dividend payout ratio, despite the tighter capital positions of some banks such as BANKCOMM (03328.HK). JPM believed that the market may be sceptical of optimism at Chinese lenders due to policy headwinds, especially in terms of net interest margin. As a result, their share price may remain weak in the near term. However, it is believed that Mainland banks are determined to deliver a stable dividend per share, so there may be buying opportunities amidst the short-term weakness. JPM expected that the next catalyst will be the 3Q24 results to be announced at the end of October. AAStocks Financial News |
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