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Daiwa lifts CEB Bank (06818) to HK$4.6
Daiwa Research lifted its target price for China
Everbright Bank (CEB)(06818) to HK$4.6 from HK$3.2, and upgraded its rating to "hold" from
"underperform".
  The research house expects CEB to deliver better NIM and fee income growth than peers in
2018. CEB issued a total of 5.8bn H shares in December 2017, which will help replenish its
core capital position in 2018.
  Daiwa believes loan pricing for major banks will rise in 2018 on rising credit demand
and tight domestic liquidity. Given a large portion of interbank liability was repriced
over 2017, the research house forecast CEB's NIM to expand by 5bps each year in 2018 and 
2019 to 1.63% and 1.68%, respectively, from 1.58% in 2017. 

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