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Banks' stocks are experiencing a "rare" big drop, JPMorgan: There is no reason for it!
JPMorgan believes that the trend of funds flowing into high-yielding stocks will continue, and the performance of bank stocks is not significantly below expectations. The performance growth rate of JPMorgan, Bank of Communications, Ningbo Bank, and China Citic Bank in the first half of 2024 and expected earnings for the fiscal year 2024 are still on track, so there is no need to overly worry about banks reducing dividends due to capital pressure.
The effect of interest rate cuts on deposits is gradually becoming apparent, with interest expenses of many national banks decreasing in the first half of the year, and some banks reducing by more than 7%.
① According to the semi-annual reports of joint stock banks and state-owned banks, although the trend of deposit regularization is obvious, and coupled with the expansion of deposit scale, the cost of debt has actually been reduced for many banks. ② Recent earnings conferences have shown that executives of various banks have expressed the need to adjust the asset-liability structure, strengthen cost control of liabilities, and attract low-cost deposits. This will be the focus and deployment direction for commercial banks in the second half of the year.
Hong Kong stocks closed (08.29) | Hang Seng Index rose 0.53%, mainland banking stocks fell collectively, Meituan-W (03690) soared 12% after earnings.
Hong Kong stocks opened lower in the morning and then fell, with the Hang Seng Index falling by more than 2% at one point. In the afternoon, the index bottomed out and rebounded, all turning positive.
Bank of America Securities: Reaffirms the 'buy' rating on China Citic Bank Corporation (00998) with the target price lowered to 5.4 Hong Kong dollars.
Bank of America Securities has lowered its earnings forecast for China Citic Bank (00998) by 9% to 14% for the years from this year to 2026.
Why did the net profit decrease slightly in the first half of the year? How is the performance in the second half of the year? What is the trend of real estate asset quality? China Citic Bank management responds.
Regarding the operating situation in the first half of the year, Liu Cheng summarized it in three words: "balance," "stability," and "continuity," and predicts that the overall operation will continue to maintain a stable and positive trend for the whole year. In addition, he has confidence in the improving asset quality of China CITIC Bank in the second half of the year.
Caught up with the CITIC Securities briefing, and a special plan has been developed to respond to the fee reduction of public funds.
Zhang Youjun mentioned the mid-term dividend optimistically.
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