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<Research>G Sachs Expects CN Banking Sector to Reach Inflection Point, Raises Earnings Forecasts/ TPs, Prefers CM BANK (03968.HK)
Recommend 51 Positive 92 Negative 34 |
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The H-shares of Chinese banks under its coverage recorded a 26% increase YTD in market capitalization-weighted terms, Goldman Sachs released a research report saying. Of which, CM BANK (03968.HK)'s H-shares have risen by 33%, outperforming BANKCOMM (03328.HK) by 15 ppts. Based on recent market performance, investor sentiment and changes in the economic environment, Goldman Sachs believed that China's banking sector has reached an inflection point. Goldman Sachs forecasted that the average PPOP and net profit of its covered banks will grow by 0.3% in 2Q25, and raised its 2025-2027 revenue forecasts for its covered Chinese bank H-shares by 2%/ 4%/ 4%. The broker also increased net profit after tax forecasts for the same period by 5%/ 6%/ 5%, and lifted its average target price by 12%, recommending CM BANK, with rating kept at Buy. Goldman Sachs elevated its target price from $47.08 to $53.34. The broker also reiterated rating at Sell for BANKCOMM, and kept its target price at $6.21. AASTOCKS Financial News Website: www.aastocks.com |
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