Research Report Nuggets | Donghai Securities: The current valuation of Industrial and Commercial Bank of China is at a historically low level, maintaining a 'shareholding' rating.

Gelonghui Finance · Sep 5 03:21

According to the Donghai Securities Research Report, industrial and commercial bank (601398.SH) is affected by weak demand and the trend of downsizing, and general loan investment has clearly slowed down. At the end of Q2, ICBC's total assets increased 7.89% year on year to 47.12 trillion yuan. The growth rate was significantly slower than at the end of Q1, and the leading edge in the industry had clearly subsided. Judging from the experience of previous years, the company's annual savings collection was mainly concentrated in Q1 and Q2. Although the Q2 reserve collection efforts have slowed down, it will still achieve growth over the previous year. Since Q3, the impact of water squeezing has basically been eliminated, and the company's deposit growth rate is expected to recover moderately. Due to the good customer base, diversified and scattered business of ICBC, it is expected that it will still be able to operate steadily in a business environment where pressure is rising. The current valuation is at a historically low level, maintaining an “gain” rating.

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研报掘金丨东海证券：工商银行当前估值处于历史较低水平，维持“增持”评级

Research Report Nuggets | Donghai Securities: The current valuation of Industrial and Commercial Bank of China is at a historically low level, maintaining a 'shareholding' rating.

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