摩根斯坦利:中国工商银行
MS ICBC_2006 ANNUAL
04.04 14页
106583.pdf
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Maintain Equal-weight-V; PT HK$4.45: We are not too
concerned by: 1) lower-than-expected 2006 profits; and
2) lower NIM YoY. The former was driven by
higher-than-estimated credits costs (driven by more
aggressive coverage buildup and not an indication of
asset quality deterioration). The latter was driven in part
by restructuring-related moves in 2005.
Broad trends support view of earnings sweet spot
for Chinese banks: ICBC posted HoH NIM expansion
(7 bps), healthy loan growth (10.4%



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