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01398 ICBC
RTNominal down5.370 -0.020 (-0.371%)

29/11/2019 09:33

{I-bank focus}Daiwa upgrades ICBC (01398) to "buy" & HK$7.2

[ET Net News Agency, 29 November 2019] Daiwa Research raised its target price for ICBC
(01398) to HK$7.2 from HK$6.6 and upgraded its rating to "buy" from "outperform".
The research house forecast ICBC's NIM to slightly contract by 3-4bps in 2020-21 versus
-6bps to -10bps for its peers, given (1) its intended extension of average loan duration
to maintain its loan yield, (2) limited impact from the new LPR as ICBC has been utilising
the (old) LPR since 2013, (3) stable corporate loan demand, and (4) long-standing strength
in deposits and proactive liability cost control.
Daiwa cut its 2019-20 EPS forecasts by 4% on lower NIM forecasts (previously flat). (KL)

Remark: Real time quote last updated: 26/02/2020 13:47
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