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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

野村預計CN Bank第二季度收益增長放緩；首選CM銀行，中國郵政儲蓄銀行
阿斯達克財經 ·  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.

野村預計，由於NIM壓力、審慎撥備以及宏觀逆風下手續費收入增長疲軟，其覆蓋範圍內的中資銀行的收益增長將在22年第二季度放緩，從22年第一季度的8.7%降至7.4%。鑑於其強大的零售特許經營權和充足的覆蓋緩衝，CM銀行(03968.HK)和中國郵政儲蓄銀行(01658.HK)被選為行業首選。
據估計，工行(01398.HK)、建行(00939.HK)和農行(01288.HK)的盈利同比穩定增長4.7-6.5%。同時，CM銀行、中國郵政儲蓄銀行和平安銀行(000001.SZ)的收益預計分別同比增長11.6%、15.8%和18.5%。

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