[ET Net News Agency, 29 August 2019] Daiwa Research lowered its target price for China
Construction Bank (CCB)(00939) to HK$8 from HK$8.4 and maintained its "buy" rating.
The research house said CCB's 1H results were underpinned by solid net non-interest
income (NII) growth and optimised cost efficiency, but offset by increased credit cost.
CCB's NIM was under pressure. Daiwa believes its NIM will continue to decline and the
research house cut its 2019-20 NIM forecasts by 5-7bps to 2.20-2.22% after factoring in
the rising deposit costs and gradually falling asset yields in the industry.
Daiwa also cut its 2019-21 EPS forecasts by 3-6% to factor in lower NIM and higher
impairment loss assumptions. (KL)
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00939 CCB
Nominal 
4.970 -0.020 (-0.401%) Others
29/08/2019 15:15
{I-bank focus}Daiwa lowers CCB (00939) to HK$8; "buy"
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