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雷达卡
We hold a positive view on the China AMC sector，with China Cinda our preferred play.We initiate on China Huarong with a Hold rating.We expect a strong supply pipeline of distressed assets amid the corporate deleveraging cycle to benefit these largest distressed asset managers in China.Per our projections，profit growth for these two AMCs is forecast at a 17% CAGR over 2016-19E.Near term，the tightening environment may trigger refinancing difficulties for corporates，leading to rising liquidity bridging business for AMCs.We expect a re-rating on Cinda，given its stronger capital position and favourable ROE trend（18% return on tangible book）with a 6% dividend yield.
20170515-DEUTSCHE_BANK-CHINA_AMCS：RIDING_ON_DELEVERAGING_CYCLE-507409.pdf
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