A director at China Citic Bank Corporation Ltd bought 280,000 shares at 3.700HKD and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...
The general evaluation of CHINA CITIC BANK (HK), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 7, 2022, the closing price...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
On Tuesday, the media reported that Shanghai Pudong Development Bank, along with China Merchants Bank, or CMB, and Bank of Communications, or BOCOM, were found in contempt for refusing to comply with subpoenas in a North Korea sanctions violation investigation conducted by a U.S. judge. The H-Shares of CMB and BOCOM declined by 7.7% and 3.7%, respectively, though both companies officially denied involvement in any investigations related to possible violations of sanctions, and are in compliance ...
On Tuesday, the media reported that Shanghai Pudong Development Bank, along with China Merchants Bank, or CMB, and Bank of Communications, or BOCOM, were found in contempt for refusing to comply with subpoenas in a North Korea sanctions violation investigation conducted by a U.S. judge. The H-Shares of CMB and BOCOM declined by 7.7% and 3.7%, respectively, though both companies officially denied involvement in any investigations related to possible violations of sanctions, and are in compliance ...
While no-moat China Citic Bank, or Citic’s, 8.6% net profit growth in the first quarter were on track to meet our expectation for a 6.6% growth for the full year of 2019, we’re surprised by the strong 20% year-on-year growth in total revenue and 48% growth in fee income, significantly up from the 5% growth and the 3.6% decline, respectively, in 2018. Core earnings as measured by preprovision operating profits, or PPOP surged 24% versus 4% in 2018, the fastest growth since 2016. We believe th...
While no-moat China Citic Bank, or Citic’s, 8.6% net profit growth in the first quarter were on track to meet our expectation for a 6.6% growth for the full year of 2019, we’re surprised by the strong 20% year-on-year growth in total revenue and 48% growth in fee income, significantly up from the 5% growth and the 3.6% decline, respectively, in 2018. Core earnings as measured by preprovision operating profits, or PPOP surged 24% versus 4% in 2018, the fastest growth since 2016. We believe th...
While no-moat China Citic Bank, or Citic’s, 8.6% net profit growth in the first quarter were on track to meet our expectation for a 6.6% growth for the full year of 2019, we’re surprised by the strong 20% year-on-year growth in total revenue and 48% growth in fee income, significantly up from the 5% growth and the 3.6% decline, respectively, in 2018. Core earnings as measured by preprovision operating profits, or PPOP surged 24% versus 4% in 2018, the fastest growth since 2016. We believe th...
China Citic Bank, or Citic, has an inherent advantage in the corporate banking market, boasting a solid customer base of large-scale state-owned enterprises. This is thanks to its strong connection with its parent China Citic Group, one of the largest SOE conglomerates, with businesses covering financial, real estate, infrastructure, energy, resources, manufacturing, and construction. Serving more than 600,000 corporate customers, the bank specializes in trade finance, cash management, and custo...
No-moat China Citic Bank’s 2018 results were largely in line with our expectation, with growth in total revenue steady at 5.2% and net profit growth narrowing to 4.6% versus 5.9% for the first three quarters. The deceleration in net profit growth was primarily attributable to increased provision expense in the fourth quarter. We retain our fair value estimates of CNY 4.80 for the A shares and HKD 5.40 for the H shares. Trading at 0.5 times forward price/book value for H shares, the low end of ...
China Citic Bank, or Citic, has an inherent advantage in the corporate banking market, boasting a solid customer base of large-scale state-owned enterprises. This is thanks to its strong connection with its parent China Citic Group, one of the largest SOE conglomerates, with businesses covering financial, real estate, infrastructure, energy, resources, manufacturing, and construction. Serving more than 600,000 corporate customers, the bank specializes in trade finance, cash management, and custo...
No-moat China Citic Bank’s 2018 results were largely in line with our expectation, with growth in total revenue steady at 5.2% and net profit growth narrowing to 4.6% versus 5.9% for the first three quarters. The deceleration in net profit growth was primarily attributable to increased provision expense in the fourth quarter. We retain our fair value estimates of CNY 4.80 for the A shares and HKD 5.40 for the H shares. Trading at 0.5 times forward price/book value for H shares, the low end of ...
No-moat China Citic Bank’s 2018 results were largely in line with our expectation, with growth in total revenue steady at 5.2% and net profit growth narrowing to 4.6% versus 5.9% for the first three quarters. The deceleration in net profit growth was primarily attributable to increased provision expense in the fourth quarter. We retain our fair value estimates of CNY 4.80 for the A shares and HKD 5.40 for the H shares. Trading at 0.5 times forward price/book value for H shares, the low end of ...
No-moat China Citic Bank’s 2018 results were largely in line with our expectation, with growth in total revenue steady at 5.2% and net profit growth narrowing to 4.6% versus 5.9% for the first three quarters. The deceleration in net profit growth was primarily attributable to increased provision expense in the fourth quarter. We retain our fair value estimates of CNY 4.80 for the A shares and HKD 5.40 for the H shares. Trading at 0.5 times forward price/book value for H shares, the low end of ...
Following the People's Bank of China's announcement that it will launch central bank bill swaps to improve the liquidity of banks' perpetual bonds, we’re maintaining our fair value estimates for the Chinese banks we cover. According to the central bank’s statement, primary dealers engaged in an open-market operation are allowed to swap the perpetual bonds they hold for the central bank bills. Banks' perpetual bonds with ratings no lower than AA will be included as qualified collateral for a ...
We see China’s latest cut in its reserve requirement ratio as having limited impact on the valuations of the Chinese banks we cover. We believe the benefits of liquidity injection are largely offset by downward pressure on net interest margin, given weaker loan pricing and intense deposit competition. Our top picks are Agricultural Bank of China and Industrial & Commercial Bank of China, which are trading at 29% and 26% discounts to our fair value estimates, respectively. Assuming other assum...
We see China’s latest cut in its reserve requirement ratio as having limited impact on the valuations of the Chinese banks we cover. We believe the benefits of liquidity injection are largely offset by downward pressure on net interest margin, given weaker loan pricing and intense deposit competition. Our top picks are Agricultural Bank of China and Industrial & Commercial Bank of China, which are trading at 29% and 26% discounts to our fair value estimates, respectively. Assuming other assu....
No-moat China Citic Bank’s third-quarter results were largely in line with our expectation, with growth in total revenue and net profits both slowing to 4.1% and 3.3%, respectively, from 5.9% and 7.1% in the first half. Net profits were on track to deliver our forecast CNY 45 billion or 5.7% year-on-year growth in 2018. After the bank’s contraction stage since 2017 to reduce its shadow banking exposures as regulations tightened, the bank’s balance sheet has resumed growth. Total assets inc...
No-moat China Citic Bank’s third-quarter results were largely in line with our expectation, with growth in total revenue and net profits both slowing to 4.1% and 3.3%, respectively, from 5.9% and 7.1% in the first half. Net profits were on track to deliver our forecast CNY 45 billion or 5.7% year-on-year growth in 2018. After the bank’s contraction stage since 2017 to reduce its shadow banking exposures as regulations tightened, the bank’s balance sheet has resumed growth. Total assets inc...
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