In today’s briefing:
- China Banks; Deep Value Despite the Rising Credit Quality Risks
China Banks; Deep Value Despite the Rising Credit Quality Risks
- In this China banks screen, we focus on the credit quality headwinds going forward, as well as the returns trends that can absorb potentially worsening cost of risk charges
- China bank shares continue to be poor performers; yet we see selective contrarian buy opportunities, for those banks with deeply discounted valuations and strong balance sheets including credit quality metrics
- We stick with Industrial Bank and CCB as buys, adding Ping An Bank to the buys both of which have attractive valuations; Minsheng remains our fundamental sell
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