CCB Delivers Steady Net Profit Growth in 2018; Inclusive Finance Becomes a Key Strategy
Narrow-moat China Construction Bank posted good 2018 results, featuring steady 6% growth in revenue. Net profit growth slowed to 5.1% from 6.4% in the first three quarters. The slowing growth was primarily attributable to increased provision expense in the fourth quarter, while growth in preprovision operating profits stayed steady at 8%. Given the result is largely in line, we retain our fair value estimates of CNY 7.20 for the A shares and HKD 8.20 for the H shares. Trading at a 17% discount t...
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