ICBC will benefit from the booming asset-management business in China.
We raise our fair value estimate for ICBC to CNY 6.5 per share from CNY 5.9 for its A-shares, and to HKD 8.0 from HKD 6.9 for its H-shares. Our increased assumption for net interest margin accounted for HKD 0.6 of the increase, while Chinese yuan appreciation is responsible for HKD 0.4 of the increase; the rest stems from the time value of money. With shares trading at an 8% discount to our DCF valuation, we currently view ICBC as fairly valued.Market sentiment for large Chinese banks has turne...
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