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HSBC Global Research: CN Banks' 1Q Results Mildly Favorable; Top Picks ICBC, CCB

HSBC Global Research: CN Banks' 1Q Results Mildly Favorable; Top Picks ICBC, CCB

汇丰全球研究:CN银行第一季度业绩温和利好;首选工行、建行
阿斯达克财经 ·  2022/05/03 22:50

Although Chinese banks' 1Q22 results came as a moderate positive, HSBC Global Research assumed more negative impacts from the Covid pandemic in 2Q22, which may weigh further on wealth management income, weaken retail consumption loan demand and worsen asset quality. Among big lenders, the broker preferred $ICBC(01398.HK)$  and $CCB(00939.HK)$ for their defensive nature.

$BANKCOMM(03328.HK)$  was removed from the top pick list, as its stock price has outperformed the market significantly YTD, alongside higher revenue and asset quality risks surrounding its Yangtze River Delta-oriented business.

尽管中国银行业22年第一季度的业绩表现温和积极,但汇丰全球研究预计,22年第二季度Covid疫情将带来更多负面影响,这可能会进一步拖累财富管理收入,削弱零售消费贷款需求,并恶化资产质量。在大型贷款机构中,经纪商更喜欢$工商银行(01398.HK)$$建行(00939.HK)$因为他们的防御性。

$BANKCOMM(03328.HK)$被从首选名单中删除,因为其股价今年以来的表现明显好于大盘,同时其以长三角为导向的业务面临更高的收入和资产质量风险。

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