We Increase ABC's FVE on RMB Appreciation and Increased NIM Assumption
We increased our fair value for narrow-moat Agricultural Bank of China to CNY 3.80 per share from CNY 3.40 for A shares, and HKD 4.70 from HKD 4.00 per share for H shares, with increased net interest margin, or NIM, assumption accounting for HKD 0.34 of the increase, reminbi appreciation responsible for HKD 0.24 of the increase, and time value of money making up the rest. Trading at a 7% discount to our DCF valuation, ABC is fairly valued at this current stage. ABC is likely to record strong pre...
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.