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Morgan lifts ICBC (01398) to HK$9.2
Morgan Stanley lifted its target price for  
Industrial and Commercial Bank of China (ICBC)(01398) to HK$9.2 from HK$7.6, and 
maintained its "overweight" rating.
  The research house said larger exposure to SOEs could make ICBC more vulnerable if China
carries out further steps on SOE reform in the medium-to-long term. As the largest 
state-owned bank, ICBC may have more social responsibilities, particularly during a market
downturn.
  Morgan noted that ICBC's high and more resilient profitability outlook amid weak macro 
and industry headwinds. Liquid balance sheet and lower risk profile versus peer coverage.

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