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雷达卡
Talk of the town – China’s rural banks.......................................................................................... 3
Increased risk appetite................................................................................................................. 4
Moderate NIM pressure expected for 1Q13 ................................................................................. 5
Lending focus for 2013................................................................................................................. 7
Urbanization – a gradual process over the coming years ............................................................ 9
WMP risks limited at major banks .............................................................................................. 10
Valuation highlights .................................................................................................................... 11
Key operating highlights............................................................................................................. 13
Agricultural Bank of China (1288 HK) ........................................................................................ 14
Bank of China (3988 HK) ........................................................................................................... 16
Bank of Communications (3328 HK) .......................................................................................... 18
China CITIC Bank (998 HK)....................................................................................................... 20
China Merchants Bank (3968 HK).............................................................................................. 22
China Minsheng Banking Corp. (1988 HK) ................................................................................ 24
Chongqing Rural Commercial Bank (3618 HK).......................................................................... 26
Industrial and Commercial Bank of China (1398 HK)................................................................. 28
Talkofthetown–China’sruralbanks﹣2013ChinaBankingOutlook（201301240002GH00R9）.pdf
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