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DBS: Reaffirming a "buy" rating on Postal Savings Bank of China (01658), raising the target price to HK$5.9.
DBS expects Postal Savings Bank to outperform domestic silver peers in the short term, with stimulative measures in mainland China boosting economic growth and stabilizing the property market. The recent reduction in savings deposit rates is also a short-term catalyst.
Postal Savings Bank of China Target Price Raised to HK$5.90 From HK$4.80 by DBS Group Research >1658.HK
[Hong Kong Stock Connect] Postal Savings Bank of China (01658) rose by 12.69%. DBS expects that there is a seventy to eighty percent chance that its stock price will rise in the next 30 days.
Jingu Financial News | Postal Savings Bank of China (01658) saw a rise in morning stock price, then maintained at a high level. As of the time of publication, it was reported at HK$5.23, up 12.69%, with a turnover of 1.696 billion Hong Kong dollars. On the news front, Morgan Stanley's research reports indicated that the agency fee rate of Postal Savings Bank of China has been reduced by 16 basis points, a larger scale than expected. In addition to the flexibility to negotiate fees in the future, significant costs should be saved. According to calculations for 2023, it could save approximately 15 billion RMB, or 13% of the full year's post-tax profit in 2023. Furthermore, the bank's competitive advantage in rural markets results in better net interest margin management, which should help support.
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Postal Savings Bank of China Board OKs Adjustment of Savings Agency Fees With China Post Group
Express News | Postal Savings Bank of China Plans to Pay Interim Cash Dividend of 1.477 Yuan per 10 Ordinary Shares
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