包商银行收购，金融业供给侧改革的加速（中国银行业）

《包商银行收购，金融业供给侧改革的加速（中国银行业）》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、ContentsWhatdoessupply-sidereforminthefinancialsectormean?3CleanupofdistressedFIshasbeenunderwayforsometime5Willtheclean-upleadtoaliquiditycrunch?11Balancingtheclean-upofdistressedbanksandpolicyeasing14CreditimplicationsofChinesebanks'bonds/AT1s16Figure3:Valuationcomparis

2、on,ChinabanksunderUBScoverageTickerRatingPrice(HK$)PricetargetImpliedupsideDividendyieldEPSgrowthP/BVratioP/EratioROAE2019E2020E2019E2020E2019E2020E2019E2020EBOC3988.HKBuy3.264.6041%6.4%4.3%5.2%0.52x0.48x4.7x4.5x11.5%11.1%CCB0939.HKBuy6.398.3030%5.6%4.5%4.9%0.68x0.62x5.4x

3、5.1x13.1%12.6%ICBC1398.HKBuy5.776.8018%5.0%4.1%4.6%0.74x0.67x6.0x5.7x13.0%12.4%BOCOM3328.HKNeutral6.307.1013%5.7%6.2%6.7%0.60x0.55x5.5x5.1x11.3%11.1%CMB3968.HKNeutral38.5542.6011%3.1%14.0%13.3%1.49x1.31x9.6x8.4x16.6%16.6%ABC1288.HKNeutral3.253.9020%6.3%1.0%5.1%0.58x0.53x4

4、.8x4.6x12.5%12.0%PSBC1658.HKNeutral4.374.9012%5.2%8.5%8.8%0.67x0.62x5.8x5.3x12.1%12.1%CITIC0998.HKNeutral4.444.706%6.1%5.0%5.3%0.44x0.41x4.2x4.0x10.8%10.5%CQRCB3618.HKNeutral4.084.8018%5.8%5.0%7.3%0.46x0.42x3.8x3.5x12.8%12.4%Huishang3698.HKSell3.153.202%2.2%11.1%10.4%0.48

5、x0.42x3.6x3.3x13.9%13.5%UBSH-sharecoverageavg.5.2%6.4%7.2%0.66x0.60x5.3x5.0x12.8%12.4%PAB000001.SZBuy12.6514.3513%1.1%17.2%17.1%0.88x0.78x7.5x6.4x12.5%13.0%CMB-A600036.SSBuy35.4245.7029%2.7%14.0%13.3%1.55x1.37x9.9x8.8x16.6%16.6%BOC-A601988.SSBuy3.764.7025%4.9%4.3%5.2%0.67

6、x0.62x6.1x5.8x11.5%11.1%CCB-A601939.SSBuy7.308.8021%4.2%4.5%4.9%0.87x0.80x7.0x6.6x13.1%12.6%ICBC-A601398.SSBuy5.796.8017%4.3%4.1%4.6%0.84x0.77x6.8x6.5x13.0%12.4%BOBJ601169.SSBuy5.927.4025%4.0%6.2%9.4%0.65x0.59x5.9x5.4x11.3%11.3%Huaxia600015.SSBuy7.669.5024%2.0%7.1%9.3%0.5

7、3x0.47x4.6x4.2x11.7%11.5%ABC-A601288.SSNeutral3.813.902%4.5%1.0%5.1%0.77x0.70x6.4x6.1x12.5%12.0%BOCOM-A601328.SSNeutral6.156.607%4.8%6.2%6.7%0.66x0.61x6.1x5.7x11.3%11.1%BOSH601229.SSNeutral11.6311.40-2%2.5%5.6%9.7%0.74x0.68x7.5x6.9x10.2%10.3%IndustrialBank601166.SSSell18.

8、4214.15-23%3.4%2.9%2.9%0.79x0.72x6.3x6.2x12.8%11.9%UBSA-sharecoverageavg.3.3%6.9%8.0%0.87x0.78x6