We Initiate Coverage of PSBC With No-Moat and Stable Moat Trend Ratings
We initiate coverage on Postal Savings Bank of China, or PSBC, with no-moat and stable moat trend ratings, along with a fair value estimate of HKD 5.20 per share. PSBC is the fifth-largest bank in China in terms of total deposits. We believe the bank does not benefit from cost advantage relative to its narrow-moat peers, as evidenced by its higher-than-peer funding costs and operating expenses when considering the agency fee paid to its parent for taking on deposits  on its behalf from agency ou...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.