[ET Net News Agency, 31 October 2019] Daiwa Research raised its target price for Postal
Savings Bank of China (PSBC)(01658) to HK$5.3 from HK$4.5 and upgraded its rating to
"outperform" from "hold".
The research house said PSBC targets to launch its A-share IPO in mid-November. It will
likely raise no more than CNY28.5bn (or CNY32.7bn if over-allotment is fully exercised)
via the IPO to replenish its core capital based on its end-1H BVPS.
Daiwa factored in such capital raising (CNY28.5bn) into its model, which lead to a rise
of its 2019-21 CET1 CAR forecasts by 50-65bps. It expects PSBC's average equity multiplier
to fall below 20x but ROA (return on assets) to trend up to support its ROE (return on
equity) trend for 2020-21. (KL)
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01658 PSBC
Nominal 
4.030 -0.010 (-0.248%) Research Report
31/10/2019 14:01
{I-bank focus}Daiwa upgrades PSBC (01658) to HK$5.3
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