CLSA has released a research report stating that the downward trend in revenue for the Chinese banking industry since 2023 is now over. Based on positive signs in net interest margins and wealth management fee income from the fourth quarter of last year, the brokerage expects the decline in net interest margins to narrow significantly this year and stabilize quarter-by-quarter starting from the second half. Coupled with a recovery in fee income, this should support the Chinese banking sector's pre-provision profits returning to a normal low-to-mid single-digit growth rate. CLSA believes that moderate revenue growth and stable dividends will become the new normal for the sector. The firm raised its target price for BANK OF CHINA (03988) from HK$3.9 to HK$6.7, for CCB (00939) from HK$10.4 to HK$10.9, for BANKCOMM (03328) H-shares from HK$9.2 to HK$9.3, and for ICBC (01398) from HK$5.2 to HK$7.5, all maintaining an "Outperform" rating. Meanwhile, CLSA lowered its target price for PSBC (01658) from HK$6.7 to HK$6.3, while maintaining an "Outperform" rating. The target price for Bank Of Communications Co.,Ltd. (601328) A-shares was reduced from CNY 9.4 to CNY 9.3, and for Ping An Bank Co.,Ltd. (000001) from CNY 13.0 to CNY 12.7. These stocks also received "Outperform" ratings. Top picks include CM BANK (03968), with a maintained target price of HK$70 and an "Outperform" rating, alongside BANK OF CHINA and CCB.
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