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The nominee for USA Treasury Secretary, Bessent, stated that if confirmed, USA will not default.
Scott Bessent, the Treasury Secretary nominee appointed by USA President Donald Trump, promised that if his nomination is confirmed, there would be no debt default by the USA. Bessent also stated during a conversation with Democratic Senator Elizabeth Warren from Massachusetts that he would be committed to eliminating the statutory debt ceiling if Trump desires to do so. "Once President Trump is inaugurated, and if my nomination is confirmed, I will work with him and you if he wants to eliminate the debt ceiling," Bessent said.
The preliminary performance forecast indicates that the Industrial Bank, which no longer follows the old path, has returned to growth.
Both revenue and net profit increased.
Research Reports: Zheshang maintains a "Buy" rating for Industrial Bank, with profit growth turning positive and a dual decrease in non-performing loans.
Zheshang Research Reports pointed out that Industrial Bank (601166.SH) will see a positive profit growth rate in 2024, with a double decrease in non-performing assets. In terms of driving factors, the determination of positive profit growth rate is primarily due to the resolution of non-performing assets, which has improved credit impairment pressure; the revenue growth rate is expected to decline mainly due to the interest rate cuts on existing mortgages and the overall decline in industry spreads. Looking ahead, with the resolution of city investment and real estate risks, the subsequent non-performing asset performance of Industrial Bank is expected to remain stable. A target valuation of 0.70x PB ratio for 2024 is given, corresponding to a Target Price of 25.82 yuan per share, with an upside potential of 30%, maintaining a "Buy" rating.
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