Increase FVE for CCB to Reflect RMB Appreciation and Increased NIM assumptions
We increased our fair value for CCB to CNY 7.20 per share from CNY 6.30 for A shares, and HKD 8.80 from HKD 7.50 per share for H shares, with increased net interest margin, or NIM, assumptions accounting for HKD 0.60 of the increase, renminbi appreciation responsible for HKD 0.50 of the increase and time value of money making up the rest. Trading at an 8% discount to our discounted cash flow valuation, CCB is fairly valued at current stage. Market sentiment for large Chinese banks turned more up...
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