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Credit Suisse Upgrades ABC (01288.HK) to Outperform; Adjusts Target Prices on CN Banks 
Credit Suisse said in its report that the recent upswing of Chinese banks' stock prices was restricted mainly due to unexpected increase in PBOC interbank interest rates, sudden regulatory actions suppressing non-loan risks and commodity price adjustment, which may lead to inflation and corporate cash flow callback.

The research house adjusted its profit forecast on major Chinese banks this year (-4% to + 3%) and next year (-2% to + 7%). ABC (01288.HK)  +0.040 (+1.117%)    Short selling $82.58M; Ratio 17.171%   was upgraded from Neutral to Outperform given the increase in PBOC interbank interest rates, with the target price raised from $3.9 to $4.3. PSBC (01658.HK)  0.000 (0.000%)    Short selling $1.20M; Ratio 1.156%   was also upgraded from Underperform to Neutral with target price raised from $3.5 to $4.8. The target prices of other Chinese banks were also revised.

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