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Citigroup: Maintains a "buy" rating on CM Bank with a target price of HKD 41.52.
Citigroup released a research report stating that it maintains its 'buy' rating on CM Bank (03968) and includes it in a 30-day negative observation negative catalysis observation, with a target price of HKD 41.52. The company's stock price has risen by 32% since the beginning of this year, outperforming the 20% to 27% increase of the four major state-owned commercial banks during the same period, partly due to the support policy for mainland real estate and CM Bank being seen as the best representative of mainland banking stocks involved in the real estate business. The bank stated that the reason for including CM Bank in the 30-day negative observation negative catalysis observation is mainly due to an expected YoY decline of 1.5% in mid-term net profit and an estimated underperformance in 2Q this year due to the collection of the house mortgage.
Citi: Maintains buy rating on cm bank (03968) with target price of HK$41.52
Citigroup will include CM Bank (03968) in its 30-day negative observation and negative catalyst observation.
Banks stocks generally decline, CM Bank (03968) falls 4.35%, Guolian Securities points out that there may be increased pressure on bank interest spreads.
Bank stocks fell across the board, with CM Bank (03968) down 4.35%, CEB Bank (06818) down 2.89%, Minsheng Bank (01988) down 2.87%, and Bank of Communications (03328) and China Citic Bank Corporation (00998) following suit. On the news front, ICBC and ABC will adjust RMB deposit rates from July 25, with the largest reduction in the interest rate for fixed deposit of more than two years, which is 20 basis points. As of the time of publication, the official websites of BOC and CCB have not yet made adjustments, but they are expected to do so soon. According to the information on the ICBC website, the latest policy will be implemented from July 25.
Hong Kong stocks fluctuate | CM Bank (03968) falls more than 4%, leading the decline in China Mainland Banking. The central bank optimizes the interest rate system, but the interest rate spread of banks still continues to narrow.
China mainland banking stocks continued to decline in the morning session. As of press time, CM Bank (03968) fell 4.2%, to HKD 31.95; Minsheng Bank (01988) fell 3.94%, to HKD 2.68; Bank of Communications (03328) fell 2.93%, to HKD 5.64; and China Construction Bank Corporation (00939) fell 2%, to HKD 5.39.
Goldwind Science & Technology Sells 750 Million Yuan of 159-Day Bonds
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
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monthly : buy