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01359 CHINA CINDA
RTNominal down0.650 -0.010 (-1.515%)
Research Report

17/12/2019 11:13

{I-bank focus}China Cinda's disposal seen positive catalyst

[ET Net News Agency, 17 December 2019] J.P. Morgan sees China Cinda Asset Management's
(01359) proposed disposal of its 50.995% interest in Happy Life for RMB7.5bn as a positive
development.
The research house said this shows progress on Cinda's strategy to refocus on its
distressed assets management (DAM) business and the price of the Happy Life disposal is
higher than the industry average.
JPM reiterated its "overweight" rating and a price target of HK$2.25 on Cinda, based on
(1) positive progress on its strategy shift from comprehensive financial platform to
focusing on DAM business, (2) current valuation is at trough levels despite receding
financial risks, and (3) the rise in city and rural commercial banks' NPL (nonperforming
loan) ratio suggests that Cinda may gain pricing power on its NPL disposal business. (KL)

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