Citic Bank rises 1% Citigroup reiterates its preference for small and medium banks
Source: Internet
Author: User
KeywordsBanks Hong Kong dollar Citi preferred
The shares are still up 1.28% to HK $4.76 and 1.14 million shares in Citic Bank, which has fallen slightly since the opening of the shares this morning. Citi's report said that maintaining the stock's buying rating remained the preferred option for the small and medium sized banks, with target prices up from HK $4.6 to HK $5.5, at a premium of 16% per cent. Citi pointed to a rise in credit growth in fiscal year 2009 from the original 28% to 40%, which would increase the net profit forecast for Citic Bank for the 2009-2011 fiscal year by 6%, 12% and 11% respectively. Citigroup also believes that Citic Bank's low valuations (the ratio of price to book value, P/E ratio, and price to pre-provisioning profits are the lowest), and strong growth, with sufficient residual capital to support asset growth. It is also expected that the bank's future net interest earnings will grow strongly over the last quarter, as Citic Bank has the highest level of loan growth in the bank's H shares and the biggest room for improved portfolio.
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