Citic is making a strategic transformation toward providing a comprehensive financing platform.
We lower our fair value estimate for China Citic Bank to HKD 5/CNY 4.50 per share from HKD 6.50/CNY 5.50 per share to reflect higher provision charges over our forecast period, as we think Citic’s recent announcement that it is stepping up its secured homeowner loans business will expose the bank to higher credit risks and property market risks. Thus, we increase our average credit cost assumption to 1.80% from 1.60%. On May 5, the bank announced it will beef up its retail loan business through ...
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