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<Research>Citi Expects CN Banks 1Q24 Earnings to Be Pressured, Prefers CITIC BANK & CQRC BANK
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 d...
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<Research>Citi Expects CN Banks 1Q24 Earnings to Be Pressured, Prefers CITIC BANK & CQRC BANK
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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)  +0.080 (+1.822%)    Short selling $20.92M; Ratio 8.920%   and CQRC BANK (03618.HK)  +0.030 (+0.912%)    Short selling $7.84M; Ratio 8.324%   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%.

Related NewsG Sachs Raises TP of BANKCOMM (03328.HK) to $3.43; 1Q NP Beats
Citi Research's ratings and target prices for Chinese banks are listed below:

Stock | Rating | TP (HKD)

ICBC (01398.HK)  +0.050 (+1.205%)    Short selling $521.32M; Ratio 31.964%   | Buy | 5.14
CCB (00939.HK)  +0.100 (+2.012%)    Short selling $621.89M; Ratio 18.611%   | Buy | 6.93
BANK OF CHINA (03988.HK)  +0.170 (+4.913%)    Short selling $820.95M; Ratio 18.438%   | Buy | 4.21
ABC (01288.HK)  +0.060 (+1.709%)    Short selling $142.08M; Ratio 30.706%   | Buy | 4.32
PSBC (01658.HK)  +0.040 (+1.000%)    Short selling $26.61M; Ratio 6.478%   | Buy | 5.36
BANKCOMM (03328.HK)  +0.190 (+3.525%)    Short selling $16.38M; Ratio 7.661%   | Buy | 6.37
CM BANK (03968.HK)  +0.750 (+2.193%)    Short selling $414.26M; Ratio 39.703%   | Buy | 35.52
MINSHENG BANK (01988.HK)  +0.060 (+2.120%)    Short selling $4.34M; Ratio 6.229%   | Buy | 3.58
CITIC BANK (00998.HK)  +0.080 (+1.822%)    Short selling $20.92M; Ratio 8.920%   | Buy | 5.38
CEB BANK (06818.HK)  +0.050 (+2.146%)    Short selling $8.12M; Ratio 19.844%   | Buy | 3.02
CQRC BANK (03618.HK)  +0.030 (+0.912%)    Short selling $7.84M; Ratio 8.324%   | Buy | 4
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-29 16:25.)

Related NewsPSBC 1Q24 NP RMB25.926B, Down 1.35%

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