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德银:徽商银行由沽售转为持有

德意志銀行 ·  Jan 9, 2015 15:47  · Researches

Germany raised the target price of 11 domestic banks and stocks. However, the stock exchange (03328-HK) rating was changed from buying to holding. However, the target price was raised from 6.9 yuan to 7.85 yuan. The bank's favorite domestic bank is the Bank of China (03988-HK). In addition to calling for purchases, the target price was raised from 4.28 yuan to 5.36 yuan. The three major domestic banks and stocks, ICBC (01398-HK), CCB (00939-HK), and Agricultural Bank (01288-HK), were rated as purchases, with target prices of 7.26 yuan, 8.46 yuan, and 4.68 yuan respectively. The target prices for CMB (03968-HK), China CITIC Bank (00998-HK), Minsheng Bank (01988-HK), Zhong Nong Bank (03618-HK), Huishang Bank (03698-HK), and Bank of Chongqing (01963-HK) are 21.11 yuan, 7.04 yuan, 11.4 yuan, 5.66 yuan, 3.69 yuan and 6.85 yuan respectively. Among them, Huishang Bank has switched from selling to holding, China CITIC Bank and Bank of Chongqing hold, and Minsheng Bank and Agricultural Bank can buy. Regarding the prospects of domestic banks, Deutsche Bank maintains a positive view of domestic bank stocks because it expects future policy relaxation. However, policy changes have accelerated the pace of asset securitization and reduced bank expenses; local government debt settlement and market-oriented state-owned enterprise reform have reduced the risk of domestic bank asset quality.

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