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<Research>CCBI Forecasts CN Banks' 1Q Profit to Remain Solid, Prefers Big 4/ CMB/ CITICB
Recommend 16 Positive 25 Negative 15 |
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CCB International (CCBI), in its report, said that the Chinese banks' valuation system has Chinese characteristics (VSCC), with modest operating performances and cheap valuations. The broker estimated that Chinese banks will meticulously manage their financial statements to maintain lucrative dividend yields. The H-share Chinese banks' dividend yields of 8.6% last year will be paid in the middle of the current fiscal year. An absolute return of 7% YTD meant that the MSCI China Banks outperformed the MSCI China Index by 8% but underperformed the MSCI World Banks by 2%. CCBI preferred H-share Chinese banks, CM BANK (03968.HK) and CITIC BANK (00998.HK), mainly because of their resilient ROE/ RoRWA, as well as ample capital adequacy that combine to produce lucrative dividend yields. The broker believed that Chinese banks' 1Q24 profit to be flat YoY, which is still solid. AAStocks Financial News |
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