Contents
Stay positive view for improving liquidity/NPL/policy/earnings 2
Liquidity better than it appears to be; no constraint for credits 12
Adjusting ratings post target price rises; add CNCB H/Industrial A to CL-Buy, BOC H/CNCB A/Minsheng H to Buy 14
BOC(3988.HK): Upgrade to Buy on better NIM, GARP, and valuation 16
CCB (0939.HK): Downgrade to Neutral on relative valuation 19
CMB A (600036.CH): Off CL-Buy on valuation; still a top A-share pick 22
Disclosure Appendix 26