TABLE OF CONTENTS
Patriot Games.......................................................................................................................4
Revenues – margins remain the key................................................................................11
Net interest income analysis............................................................................................................11
Fee income analysis.......................................................................................................................25
Asset quality – better, for now…......................................................................................27
Loan dissection analysis..................................................................................................................28
FPK asset quality forecasts & NPL sensitivities ..............................................................................31
Costs – being cut, but how sustainable? ........................................................................36
Performance – seen from another angle .........................................................................39
Bank of China (3988 HK) Outperform ..........................................................................42
Bank of Communications (3328 HK) Upgrade to In Line............................................47
China Construction Bank (939 HK) Upgrade to Outperform......................................52
China CITIC Bank (998 HK) Outperform.......................................................................57
China Merchants Bank (3968 HK) Underperform ........................................................62
ICBC (1398 HK) Outperform...........................................................................................67
Appendix............................................................................................................................72
Disclosure information......................................................................................................73