Report
UOB
Eric Wang Zhen ...
  • Jayson Kong

Banking - Large banks displayed resilience in earnings and asset quality; upgrade to MARKET WEIGHT

Larger banks (SOEs and JSBs) outperformed smaller ones (city banks and rural
commercial banks) in asset quality and profit growth in 1Q20. Amid the current
economic downturn, larger banks showed better NPL management ability while
higher provisions offered protection from asset deterioration. Besides, larger banks
showed a better ability to moderate NIM compression in the low interest
environment. Upgrade the sector to MARKET WEIGHT; top pick is CCB (939 HK).
Underlyings
Bank of Ningbo (A)

Bank of Ningbo is engaged in taking in public savings; granting loans; handling domestic settlements; handling discount of negotiable instruments; issuance of financial bonds; acting as an agent for the issue and underwriting of government bonds; buying and selling government bonds; inter-bank funding; providing guarantees; acting as an agent for accounts receivable and payable, and insurance; provision of safety-deposit box service; commission loan operations; foreign exchange deposit, loan and remittance; undertaking foreign currency exchange; international settlement, foreign exchange dealings and borrwings and providing foreign exchange guarantees.

China Construction Bank (H)

China Merchants Bank

Chongqing Rural Commercial Bank Co Ltd

ICBC 1398 HK

Ping An Bank (A)

Ping An Bank is providing commercial banking services approved by Bank of China. Co is engaged in the offering of company loans, deposits, trade finance, company wealth management, and company intermediary services; providing personal loans, deposits, bank cards, personal wealth management services, and other personal intermediary services; local and foreign currency tradings; bond investments and other money market operations; and providing central management on non-performing assets, equity investments and nonclassifiable assets, liabilities, revenues and expenditures. As of Dec 31 2013, Co. had total assets of RMB1,891,741,000,000 and total deposits of RMB1,667,791,000,000.

Provider
UOB
UOB

Analysts
Eric Wang Zhen

Jayson Kong

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