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Daiwa lifts Citic Bank (00998) to HK$6.2
 Daiwa Research lifted its target price for China
Citic Bank (00998) to HK$6.2 from HK$5.2, and maintained its "buy" rating.
  The research house believes Citic Bank will come under asset growth pressure in 2018,
with ongoing regulatory tightening of non-loan assets and off-balance-sheet business 
giving rise to further provision pressure.
  Daiwa said Citic Bank's asset growth started to slow in 3Q 2016, earlier than other
banks'. Its total assets as at end-3Q 2017 were down by 0.1% YoY, due mainly to a 19.7%
YoY contraction in investment assets.
  Daiwa believes the bank was adjusting its asset structure to maintain its loan growth in
2017, and the research house expects it to continue to do so in 2018. It forecast 5-6% YoY
total asset growth in 2018 for Citic Bank.

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