Adding Agricultural Bank of China into Best Ideas List
We are adding narrow-moat Agricultural Bank of China, or ABC, into our Best Ideas list. ABC is our preferred name among Chinese financials. The stock is undervalued with a 30% discount to our valuation. It is trading at 0.67 times 2018 price/book value assuming 9% growth in shareholders' equity. This implies a 5.9% dividend yield, the highest yield among Chinese large banks. Along with major Chinese banks we cover, ABC is trading at the lowest level over the past three years due to the market's ...
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