ABC's Outlook Boosted by Private-Placement Plan and Relaxed Provision Rules
We increase our fair value estimate for ABC to CNY 4.20 from CNY 3.80 for its A-shares, and to HKD 5.20 from HKD 4.70 per share for its H-shares, after factoring in the CNY 100 billion planned capital issuance and our projection of higher loan growth for the recapitalized bank. The former leads to a HKD 0.10 increase in its valuation. We expect no material dilution to book value per share, as future pricing will be determined by the higher of the latest book value per share and 90% of the 20-tra...
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