【出版时间及名称】：2009.11.16China: Banks：In sweet spot; positioning to gradual NIM rise; upgrade CNCB (H/A)
【作者】：高华证券
【文件格式】：PDF
【页数】：44
【目录或简介】：
Table of contents
Continued positive sector stance; positioning to gradual NIM rise 4
Raising earnings estimates overall on higher loan growth, higher NIM expansion and modestly lower
credit cost assumptions 9
Raising target prices to factor in our upward earnings revisions 13
Capital: Some uncertainties, but ICBC, CCB, CNCB and BOC better placed 14
NIM: gradual, multi-year rise; CNCB, CCB, Industrial, CMB better placed 16
China CITIC Bank (A) (601998.SS) Buy 22
Industrial and Commercial Bank of China (1398.HK) Buy 23
Shanghai Pudong Development Bank (600000.SS) Neutral 24
Summary financials 27
Disclosures 43
EXPECTED