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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

滙豐全球研究:CN銀行第一季度業績温和利好;首選工行、建行
阿斯達克財經 ·  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.

儘管中國銀行業22年第一季度的業績表現温和積極,但滙豐全球研究預計,22年第二季度Covid疫情將帶來更多負面影響,這可能會進一步拖累財富管理收入,削弱零售消費貸款需求,並惡化資產質量。在大型貸款機構中,經紀商更喜歡$工商銀行(01398.HK)$$建行(00939.HK)$因為他們的防禦性。

$BANKCOMM(03328.HK)$被從首選名單中刪除,因為其股價今年以來的表現明顯好於大盤,同時其以長三角為導向的業務面臨更高的收入和資產質量風險。

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