[ET Net News Agency, 8 August 2019] Citi Research lowered its target price for Bank of
China Hong Kong (BOCHK)(02388) to HK$29 from HK$35.8 and downgraded its rating to
"neutral" from "buy".
The research house said RMB depreciation is one of the key reasons that has shifted
Citi's view on BOCHK in the broader context of macro slowdown. It doesn't think valuation
alone is sufficient to justify for a "buy" rating on the stock, considering the direct and
indirect impact of falling RMB to broader HK banking system and BOCHK specifically.
Citi said no HK bank is immune from mainland China macro slowing. However, BOCHK's
growth story is more closely associated with China macro. It is concerned that weaker RMB
will materially impact mainland China corps' credit demand in HK. (KL)
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02388 BOC HONG KONG
Nominal 
23.750 +0.350 (+1.496%) Others
08/08/2019 14:54
{I-bank focus}Citi downgrades BOCHK (02388) to HK$29
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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