报告名称：BOC Hong Kong(02388.HK)One-off Gain from The Sale of NCB Expected to Increase FY
报告类型：港股研究
报告日期：2016-04-14
研究机构：国泰君安国际
股票名称：中银香港
股票代码：02388
页数：14
简介：In 2016, the recovery of the world economy is expected to remain weak. Thedivergence of monetary policies among main economies, massivecross-border capital flows, foreign exchange and financial market turmoil, andgeopolitical changes, are expected to trouble the world economy. Againstsuch background, we project Hong Kongˇs economic growth to continueto slow down in 2016.
We project the Company's disposal of NCB to be completed in 2016, and wefactor its expected gain into our earnings forecast for FY16. Overall, weproject the Companyˇs EPS for FY16-FY18 to be HK$ 5.267, HK$ 2.668,and HK$ 2.958, up 107.8% YoY, -49.3% YoY, and 10.8% YoY,respectively.
We expect the following factors to support the Companyˇs valuations: First,expected stable earnings growth in FY16-18 and one-off gain from the NCBsale in 2016. Second, expected launch of SZ-HK connect. Third, prospectivedevelopment of business in ASEAN. Fourth, the promotion of Chinese Beltand Road Initiative. Fifth, the ¨Accommodative〃 liquidity of mainland China.Sixth, the FEDˇs interest rate hike. Seventh, RMB internationalization.Therefore, we initiate the Company with ¨Buy〃 rating. Our target price forthe Company is HK$ 27.87, equivalent to 5.3x FY16 PER, 10.4x FY17PER, 1.3x FY16 PBR and 1.2x FY17 PBR.

下载地址：BOC Hong Kong(02388.HK)One-off Gain from The Sale of NCB Expected to Increase FY