ABC's Core Earnings Growth Leads Peers in 2018; Credit Quality Sees Strong Improvement
With 11.5% and 5.1% respective growth in revenue and net profits, narrow-moat Agricultural Bank of China's 2018 results were strong across the board. The results confirmed our view that ABC will continue to outperform large peers due to its low funding costs and improving operating efficiency in the near term, underpinned by strong deposit franchise and growth momentum. As the results were largely in line, we retain our fair value estimates at CNY 4.20 for the A shares and HKD 4.80 for the H sha...
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