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<Research>Citi Expects CN Banks to Outpace Mkt in 4Q; Top Picks ICBC/ CCB/ BANK OF CHINA
Recommend 43 Positive 59 Negative 16 |
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Citi has released a report forecasting the Chinese banks under its coverage to log a 1.4% YoY increase in their 3Q25 revenue, as the slowdown in net interest margin contraction and decent fee income offset the impact of weak loan growth and trading income. The broker specifically estimated that Chinese banks would outpace the market in 4Q25 due to escalating geopolitical risks, which would prompt investors to shift funds from cyclical industries to defensive sectors, the potential slowdown in government bond yields, which could help widen the spread between dividend yields and government bond yields and attract yield-seeking investors, and stronger capital inflows from improved insurance premium growth in 4Q25. Citi named ICBC (01398.HK), CCB (00939.HK), and BANK OF CHINA (03988.HK) as its top picks. Among its covered Chinese banks, the broker also highlighted that CM BANK (03968.HK) appeared to benefit the most from strong capital market sentiment, potentially outpacing its peers in fee income growth, while MINSHENG BANK (01988.HK) may deliver weaker 3Q25 results as dragged by higher real estate-related impairments. AAStocks Financial News |
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