Bocom’s Top-Line Growth Remained Weak due to Higher-than-Peer NIM Pressure
With a 1.6% and 3.5% growth in total revenue and net profits for the first three quarters, no-moat Bank of Communications, or Bocom’s, results indicated the bank still suffered from challenging market conditions as a result of financial deleveraging and increased deposit competition since late 2016. We retain our CNY 5.90 fair value estimates for A shares, as the results were largely in line. We slightly increased our fair value estimate for H-shares to HKD 6.9 from HKD 6.8 to reflect a 1.56% ap...
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