CCB’s PPOP Growth Continued to Accelerate in the 3Q; Increasing FVE to HKD 7.50
CCB’s third-quarter results highlighted an acceleration growth in net interest income (NIM) and recovery in pre-provision operating profit, or PPOP, growth after five quarters of consecutive declines since 2016. We increase our FVE for CCB to CNY 6.30 or HKD 7.50 per share from CNY 5.80 or HKD 6.70 per share to reflect our higher NIM assumption over the next two years. Though year-on-year net profit growth remained largely flat at 4.1% in the past quarter, growths in net interest income and PPOP...
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