报告名称：CCB(00939.HK)Slowingearnings growth aheadbut still better positioned than peers
报告类型：港股研究
报告日期：2016-03-16
研究机构：招商证券（香港）
股票名称：建设银行
股票代码：601939,00939
页数：10
简介：We cut FY15/16/17E NPAT by 0.1%/3.0%/2.8%, resulting in YoY growth of 0.6%/-1.4%/5.3%, largely based on our revised assumptions of NIM and credit cost/NPLs. Our earnings forecasts are largely in line with consensus
We expect 4Q15E NPAT to grow 0.5% YoY, due to brisk fee income growth and an ease in credit cost. Asset quality remains a concern with NPL balance and NPL ratio up 9.2% and 13bps QoQ, respectively, in 4Q15E
Rolling over to FY16E with downwardly revised TP of HKD6.90 based on target PB of 1.00x applied to our estimated FY16E BVPS of RMB6.19. Maintain BUY rating given its attractive valuation and solid capital position, more liquid balance sheet and prudent risk management

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