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Hong Kong stocks undergo abnormal trends | China Mainland banking continues to decline, with banks' net profits generally declining in the first half of the year. Morgan Stanley points out that the long-term trend of high-yield stocks remains unchanged.
China Mainland Banking continues to fall, as of the time of publication, CM Bank (03968) fell by 4.29%, to HK$32.35; Industrial and Commercial Bank of China (01398) fell by 3.03%, to HK$4.28; Postal Savings Bank of China (01658) fell by 2.8%, to HK$4.17.
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.
China Merchants Bank's H1 Profit Slips
China Merchants Bank Co., Ltd. 2024 Semi-Annual Report
Summary of the 2024 semi-annual report of China Merchants Bank Co., Ltd.
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.
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monthly : buy