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| 研究机构：建银国际 分析师： Sophie ... 撰写日期：2010年11月16日 | 字体[ 大 中 小 ] |
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China banks rebounded strongly partly on QEII in October2010, but began to tumble on China’s monetary tighteningcoming into November 2010.
In our view, China’s monetary effort to drain extra liquidityfrom the economy will help banks expand their margins fasterthan expected. Meanwhile, solid domestic economic growthwill sustain stable credit quality despite monetary tightening.
Once the five re-rating catalysts we have identified begin totake hold, China banks will have the potential to be re-rated.
ICBC (1398 HK) remains our TOP PICK; CITIC (998 HK)upgraded to Outperform; Remove BoCom (3328 HK) from ourtop-call list with its rating downgraded to Neutral; MaintainOutperform on Minsheng (1988 HK); Remain Neutral on ABC(1288 HK) and CMB (3968 HK).
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