PSBC Recorded Strong NIM Expansion and Deposit Growth in 2017
We increase our fair value estimate for no-moat PSBC to HKD 6 from HKD 5.60 per share as we further increase our net interest margin, or NIM, assumption following its 2017 financial results. Our fair value estimate represents 0.9 times 2018 price/book, close to the high end of our valuation for Chinese banks, to reflect PSBC’s better fundamentals. Though PSBC’s 19.8% net profit growth was largely in line with our expectation, growth in revenue and pre-provision operating profits, or PPOP, reache...
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