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Nomura Foresees CN Banks' Earnings Growth to Moderate in 2Q; Top Picks CM BANK, PSBC

Nomura Foresees CN Banks' Earnings Growth to Moderate in 2Q; Top Picks CM BANK, PSBC

野村预计CN Bank第二季度收益增长放缓；首选CM银行，中国邮政储蓄银行
阿斯达克财经 ·  2022/07/22 01:10

Nomura anticipated that the earnings growth of the Chinese banks under its coverage will moderate in 2Q22, decelerating from 8.7% in 1Q22 to 7.4%, due to NIM pressure, prudent provisioning and weaker fee income growth amid macro headwinds. Given their strong retail franchises and sufficient coverage buffer, CM BANK (03968.HK) and PSBC (01658.HK) was selected as the sector top picks.
ICBC (01398.HK), CCB (00939.HK) and ABC (01288.HK) were estimated to deliver stable earnings growth of 4.7-6.5% on a YoY basis. The earnings of CM BANK, PSBC and PING AN BANK (000001.SZ), meanwhile, were projected to rise by 11.6%, 15.8% and 18.5%, YoY, respectively.

野村预计，由于NIM压力、审慎拨备以及宏观逆风下手续费收入增长疲软，其覆盖范围内的中资银行的收益增长将在22年第二季度放缓，从22年第一季度的8.7%降至7.4%。鉴于其强大的零售特许经营权和充足的覆盖缓冲，CM银行(03968.HK)和中国邮政储蓄银行(01658.HK)被选为行业首选。
据估计，工行(01398.HK)、建行(00939.HK)和农行(01288.HK)的盈利同比稳定增长4.7-6.5%。同时，CM银行、中国邮政储蓄银行和平安银行(000001.SZ)的收益预计分别同比增长11.6%、15.8%和18.5%。

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