摩通：工行盈利優於同業平均，升ＡＨ目標價１７％

11/11/2010 12:21
《外資精點》摩通：工行盈利優於同業平均，升ＡＨ目標價１７％

　　《經濟通通訊社１１日專訊》摩根大通發表研究報告指，工商銀行（０１３９８）（滬：６０１３９８）明年貸款增長有可能減慢至１３％，低於行業平均的１５％，惟其明年盈利受惠維持穩定擴闊的息差，可望有２０％增長，高於行平均，因此該行上調其ＡＨ股目標價１７％，Ａ股目標價升至７元人民幣，Ｈ股則升至８﹒５元，維持其「增持」投資評級。

　　報告指，工行盈利可望優於同業，主要由於貸款定價能力改善、利率上調及強勁的服務費收入增長，有助其減沙依賴資本集中的業務，其充裕的流動資金，亦對其債券收益有幫助。

　　報告又指，由於工行的貸款減值準備對貸款比率已達到２﹒５％，即使人行上調有關需求，對其盈利亦不會構成影響，明年並無增加撥備的壓力。

　　該行又指，Ｈ股的大型銀行首選為工行，可受惠於加息及內地經濟增長強勁，由於工行估值高及股價波幅較低，因此股價表現一直落後於同業。不過，摩通料工行未來３至５年股本回報率逾２０％，工行Ａ股表現可能更佳。（ｏｓ）

BT: ICBC eyes more S-E Asian acquisitions

Business Times - 04 Nov 2010

ICBC eyes more S-E Asian acquisitions

(BANGKOK) Industrial and Commercial Bank of China (ICBC), the world's most valuable lender, said yesterday it was looking for acquisitions in countries in South-east Asia where it currently has no presence.

'South-east Asia is where we also focus on as it offers growth potential,' ICBC chairman Jiang Jianqing told a news conference here. 'We are looking for opportunity in the region where ICBC has no operations.' ICBC, which has 194 overseas branches and subsidiaries in 22 countries, now operates in five countries in South-east Asia: Indonesia, Thailand, Malaysia, Singapore, and Vietnam.

In April, it completed the acquisition of a 97.24 per cent stake of Thailand's smallest lender, ACL Bank, for about US$550 million. The acquisition would be a platform for entering Thailand, Vietnam, and Cambodia, as ICBC expands its network in South-east Asia's fast-growing banking market, the bank said.

ICBC (Thai), which has about 71.5 billion baht (S$3.08 billion) in assets, expected to expand its assets by 20 per cent a year by focusing on retail businesses and expansion into Chinese firms in Thailand, ICBC (Thai) CEO Chen Youbin told reporters. 'We could be bigger than CIMB Thai over the next three to five years,' Mr Chen said, referring to the Thai unit of Malaysia's CIMB Group Holdings.

ICBC (Thai) also planned to increase the number of its branches to 30 over the next three years from 19, Mr Chen said. The bank planned to delist from Thailand's stock exchange as its free float did not meet the minimum 15 per cent requirement set by the stock exchange.

Asked if China's ICBC wanted to buy more assets in Thailand, Mr Jiang said: 'The first priority is to make ICBC successful.' - Reuters

AFP: ICBC expanding in Europe, Middle East

ICBC expanding in Europe, Middle East

Posted: 09 November 2010 1550 hrs

BEIJING : Industrial and Commercial Bank of China, the world's largest by market value, is accelerating its global expansion with new branches in Europe and the Middle East, a newspaper reported Tuesday.

The Beijing-based bank opened a branch in Abu Dhabi on Sunday and is planning others in Paris, Madrid, Milan, Brussels and Amsterdam as it follows a rising tide of Chinese firms going abroad, the Financial Times reported.

"ICBC anticipates some big developments in terms of Chinese companies doing more business in Europe and they want to be ready," the newspaper quoted an unnamed senior China-based European banker as saying.

Bank officials were not immediately available to comment on the report.

The bank is also looking at potential acquisitions in Europe and the Middle East and plans to expand in Canada after buying a small network of six branches from Hong Kong's Bank of East Asia this year, the report said.

ICBC has a subsidiary company in Qatar and is mulling opening branches in Kuwait and Saudi Arabia, the report said.

The bank already has branches in London, Frankfurt and Luxembourg, where it is planning to establish its European headquarters, the report said.

ICBC has been the most aggressive of China's "big four" banks in expanding overseas, as the country's lenders restart plans that were put on hold by the global financial crisis and seize upon new opportunities left in its wake.

- AFP /ls

MARKET TALK: CCB, BOC Subject To High Holding Overhang-UBS

Date: 2007/12/03 15:04

MARKET TALK: CCB, BOC Subject To High Holding Overhang-UBS

0704 GMT [Dow Jones] UBS calculates that since 2002, foreign institutions have invested total of US$18 billion in 10 listed H/A-share banks (most H-shares), current market value of US$97 billion accounts for significant 79% of free float market cap; except for ICBC (1398.HK), most lock-ups will expire by end-2008.

Says while most holdings are strategic, "the risk of overhang is real" due to estimated subprime-related losses of US$285 billion for listed global banks, many of which are investors in China banks; significantly lower valuation of developed market financial institutions which could lead to some existing investors looking for better value elsewhere.

Among H-shares, UBS considers stocks with more overhang risk in 2008 are CCB (0939.HK), Bank of China (3988.HK; while stocks with less or no overhang are CMB (0939.HK), China Life (2628.HK), ICBC, BoCom (3328.HK), Ping An (2318.HK), CMB (3968.HK).(RLI)

MARKET TALK: CIMB Starts ICBC At Outperform; Targets HK$7.34

Date: 2007/11/21 11:28

MARKET TALK: CIMB Starts ICBC At Outperform; Targets HK$7.34

0328 GMT [Dow Jones] STOCK CALL: CIMB starts ICBC (1398.HK) at Outperform with target price HK$7.34. Says ICBC is attractive investment given its M&A potential, imminent re-rating due to its net interest margin and ROE improvement. Tips more negative newsflow for sector until FY08, particularly on macro tightening measures. Adds "despite increased talk of more stringent monetary tightening measures, we are still upbeat on the banking sector's earnings outlook." Says ICBC is most active in seeking M&A deals, it may buck trend, benefit from positive newsflow if new deals arise. CIMB off 3.6% at HK$5.90. (YWM)

Contact us in Hong Kong. 852 2802 7002;
MarketTalk@dowjones.com

(END) Dow Jones Newswires

XFNA: 工行：希望將海外資產總額提高至10%

My note: At present, ICBC total oversea revenue and profits weighs only 3% and it is looking at 10% expansion in near future. I can reckon that ICBC has more and more room for expansion via overseas M&A activities in the foreseeable years!! ICBC future growth prospect is bright!!!


工行：希望將海外資產總額提高至10%

2007年11月26日 08:35:00 a.m. HKT, XFNA

香港 (XFN-ASIA) - 工商銀行(1398.HK)行長楊凱生告訴本社，工行已經實現資本和業務的國際化，下一步希望在機構設置和業務推進上進一步體現“全球化”。 他透露，目前工行的海外資產總額和業務利潤總額佔全行整個業務比重近3%左右，希望今後能提高至10%。工行將以機構增設和收購兼併的發展模式來拓展海外業務。 他透露，工行在美國紐約，中東地區的迪拜、多哈，以及澳洲悉尼的分支機搆申設工作正在進行中。 yk/ AFN

新聞由 XFNA 提供

Bloomberg: ICBC seeks to expand investments overseas

Business Times - 26 Nov 2007

ICBC seeks to expand investments overseas

Chief denies bank plans to buy stake in Standard Chartered

(BEIJING) Industrial and Commercial Bank of China Ltd has 'insufficient' assets overseas and seeks more investments abroad, president Yang Kaisheng said, even as he denied the lender plans to buy a stake in Standard Chartered plc.

'ICBC will pursue a combined strategy of acquisitions and new projects in expanding overseas,' Mr Yang said on Saturday at a finance conference in Beijing. 'Overseas diversification is an important way for Chinese banks to spread risks against cyclical economic downturns.'

Having raised US$22 billion in the world's largest share sale a year ago, ICBC, the world's biggest bank by market value, is expanding more aggressively than peers such as Bank of China Ltd. ICBC's 36.7 billion rand (S$7.7 billion) purchase of a 20 per cent stake in South Africa's Standard Bank Group Ltd is the biggest overseas investment by a Chinese company.

'Overseas expansion is likely to continue as Chinese banks are seeking to build up their global presence,' Bill Stacey, a Hong Kong-based analyst at Credit Suisse, said, citing ICBC's forays in Indonesia and Macau.

Mr Yang joined China Construction Bank Corp deputy president Luo Zhefu in denying a newspaper report that their banks planned to acquire a stake in Standard Chartered from Temasek Holdings.

'We have no plans to buy a stake in Standard Chartered,' Mr Luo said at the Beijing conference, while Mr Yang said the report was 'just a rumour.'

The Financial Times reported earlier that China's three largest banks - ICBC, Construction Bank and Bank of China - had approached Temasek about buying its 17.2 per cent stake in the UK company. Temasek has declined to comment on the FT report.

Chinese banks, flush with cash after raising US$63 billion selling stock in the past two years, are seeking takeover targets. ICBC's agreement to buy a stake in Standard Bank is the company's third acquisition outside China in less than a year.

In December last year, ICBC announced its first acquisition of a foreign bank, buying 90 per cent of PT Bank Halim Indonesia for 90 billion rupiah (S$13.8 million) with an option to purchase the remaining shares after three years.

-- Bloomberg

標普調高四間中資銀行評級

標普調高四間中資銀行評級

2007年11月23日 11:17:23 a.m. HKT, AAFN

評級機構標準普爾宣布，同時調高4間中資銀行股包括建行<0939.hk>、 工行<1398.hk>、交銀<3328.hk>及中行<3988.hk>長期對手信貸評級，反映其致力提升財務實力，風險管理及業務組合開始見成效。標普分別將建行、工行及中行長期對手信貸評級由「BBB+」調高至「A-」；交銀長期對手信貸「BBB」評級展望由「穩定」調高至「正面」。同時，重申四行基本實力「C」評級」。

(de)阿思達克財經新聞組

BNP 調高工行目標價至8.31元，維持「買入」

BNP調高工行<1398.hk>目標價至8.31元，維持「買入」

2007年11月22日 02:05:52 p.m. HKT, AAFN

BNP將工商銀行<1398.hk>目標價由7.28調高至8.31元，主要受較高淨息差及服務費收入強勁預測支持，評級維持「買入」。

報告指出，面對內地宏調緊縮政策，工行貸款增長穩定及具質素基礎客戶提供最佳防守性。另一方面，淨息差擴闊將支持07及08年盈利增長70%及36%；加上預期08年海外併購活動持續，令工行成為BNP中資銀行股首選。

同時，將工行07-08年盈利預測調高2.6%、9.7%及12.9%，分別至每股0.25元、0.34元及0.4元人民幣。(de)阿思達克財經新聞組

阿思達克財經: 建行, 工行, 招行 獲企業年金受託人資格

建行, 工行, 招行 獲企業年金受託人資格 2007年11月20日

02:58:19 p.m. HKT, AAFN

建行<0939.hk>、工行<1398.hk>及招行<3968.hk>獲得勞保部批出企業年金受託人資格，意味銀行不用設立養老金管理公司，便能成為企業年金基金受托人。(wr)阿思達克財經新聞組

ICBC Business Review - For the year ended December 31 2006

ICBC are the largest commercial bank in China in terms of total assets loans and deposits. Primarily operate in China and provide an extensive range of commercial banking products and services.

Business Review - For the year ended December 31 2006

In 2006 ICBC completed its listings in both domestic and overseas capital markets while also successfully achieved its annual business objectives. The Group¡¦s profit after tax reached RMB49.88 billion representing a year-on-year growth of 31.2%. The return on average total assets amounted to 0.71% and the return on weighted average equity reached 15.37%.

The Bank began to implement a new strategic development plan in 2006. Our operations and growth prospects became more robust and positive. The structure of our business income distribution channels and our customer portfolio improved markedly. Our level of competitiveness and management also reached new heights.

The Bank increased its profitability of asset and liability business. Deposits increased by RMB614557 million representing a growth of 10.7%. Loans increased by RMB341618 million representing a growth of 10.4% mainly due to the rapid increase in loans to fast-growing industries such as transportation energy infrastructure and loans to small enterprises and individuals with high returns. Loans to domestic small enterprises and individuals increased by RMB59700 million and RMB61067 million respectively representing a growth of 71.8% and 11.9% respectively. The structure of our bond investment portfolio further improved with interest income from securities investment hitting a record RMB66883 million. Our asset and liability business continued to grow based on our optimized structure and produced a stable source of income. Net interest income reached RMB163118 million representing an increase of 6.2% from the previous year.

Fee based businesses and new businesses grew rapidly. ICBC introduced various wealth management products to meet the needs of its customers and sold RMB432.8 billion of such products in 2006 representing a year-on-year increase of 93%.

It was the first among all banks in China to issue more than 10 million credit cards with total annual spending of over RMB100 billion. The amounts of RMB settlement with corporations and international settlement reached RMB260 trillion and USD399.6 billion respectively further expanding the advantages of ICBC as the leading settlement bank in China. The respective advantages in asset custody annuity management and cash management businesses were consolidated. Electronic banking transactions amounted to RMB45.2 trillion with the proportion of business volume conducted off-the-counter increased by 4.2 percentage points to 30.1% of total business volume and the functions of electronic marketing and the diversification of business channels continued to improve. The rapid development of these businesses significantly increased the net fee and commission income of the Bank which increased by 55.0% to RMB16344 million accounting for 9.0% of the Bank¡¦s operating income a year-on-year increase of 2.9 percentage points. The income structure of the Bank has further improved.

The contribution of retail banking to total profits of the Bank increased continuously. The Bank has traditionally had a competitive advantage in retail banking business which is one of the strategic businesses supporting the future continuous business development of the Bank. Last year ICBC implemented the best retail bank strategy and fully accelerated product innovation service upgrade and market development of its personal banking business. As a result income from personal banking business reached RMB62257 million accounting for 34.3% of the income of all businesses.

Notable advantage of being technologically advanced. After becoming the first bank in China to complete data integration ICBC also led the way in completing data logic integration for corporate banking and private banking businesses in 2006 and proactively established its core business application platform to satisfy its future business development needs. Application systems such as customer information systems and risk management systems were continuously introduced and put into operation such that the Bank¡¦s advantage in information technology was further translated into improved productivity thereby enhancing its support and promotional function for the business development of the Bank.

The Bank enhanced its costs control and risk management capabilities. We allocated cost resources based on EVA and strengthened our comprehensive costs control capability. Our cost to income ratio was maintained at a healthy level of 36.3%. Our comprehensive risk management system continued to improve. The internal rating-based approach was adopted in the area of nonretail loans thereby strengthening our credit risk management capability. The NPL balance of the Bank continued to decrease to an NPL ratio of 3.79%. The NPL reserve ratio reached 70.56% representing a year-on-year increase of 16.36 percentage points. In order to adapt to the marketbased interest rate reforms and RMB exchange-rate regime reforms ICBC continued to improve its market-risk and liquidity-risk management mechanisms. The internal control system was further solidified and our control of operational risks is at a relatively high level among international banks.

We fully implemented the human capital strategy. To meet the needs of the development of a listed bank ICBC adjusted and consolidated management at all levels. A large pool of talented individuals with good operational skills and understanding of our business emerged to play a greater role in the operation and management of the Bank. ICBC conducted training for staff of all levels and provided specialised trainings for management personnels and professionals at all levels and business lines.

In the past year new reforms and development achievements of ICBC won wide recognition from all circles in China and abroad. The Bank won various awards including 'Bank of the Year 2006 Emerging Market' 'Bank of the Year 2006 China' 'Best National Retail Bank' 'Best Consumer Internet Bank' 'Best Domestic Custodian' and 'Best Local Currency Cash Management Services (By Currency)'. International rating agencies such as Moody¡¦s Standard and Poor¡¦s and Fitch Ratings all raised their credit ratings for ICBC.

Source: ICBC (1398) Annual Results Announcement

Bloomberg: China's Banks Seek Standard Chartered Stake, FT Says (Update1)

China's Banks Seek Standard Chartered Stake, FT Says (Update1)

By Clare Cheung and Chia-Peck Wong

Nov. 19 (Bloomberg) -- China's three largest banks approached Temasek Holdings Pte about buying its 17 percent stake in Standard Chartered Plc, the Financial Times reported, citing unidentified people familiar with the matter.

Industrial and Commercial Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. have made ``informal and discreet'' contact with senior personnel at Temasek about the deal in recent months, the FT said.

Chinese banks, flush with cash after raising $63 billion selling stock in the past two years, are seeking takeover targets overseas. Temasek's stake in Standard Chartered was worth about $8.3 billion at the Nov. 16 closing price in London, more than the $5.5 billion ICBC will pay for 20 percent of South Africa's Standard Bank Group Ltd.

Standard Chartered ``is quite diversified, so it's definitely something that the Chinese banks would be looking for, in terms of expansion in Asia and other emerging markets,'' Mona Chung, who helps manage $2.5 billion at Daiwa Asset Management Ltd. in Hong Kong, said today in a phone interview.

Temasek rejected the proposal, the Financial Times said. The Singapore state-owned investment company owns 17.2 percent of Standard Chartered, the London-based bank said Sept. 13. ``It is inappropriate for Temasek to comment on market speculation,'' the state-owned company said in an e-mailed response to questions.

ICBC

ICBC, the world's largest bank by market value, agreed last month to buy 20 percent of Standard Bank, Africa's largest, in the biggest overseas investment by a Chinese company. Standard Chartered, which gets most of its profit from Asia, said last week it will buy 5.3 percent of South Korea's Kyobo Life Insurance Co.

Standard Chartered spokeswomen in Hong Kong and Singapore weren't immediately available for comment. Spokesmen at ICBC, Bank of China and China Construction Bank declined to comment on ``market speculation'' when contacted today.

The Hong Kong shares of Standard Chartered fell 0.5 percent to HK$271.60 at 12:08 p.m. local time. They have gained 18 percent this year, compared with larger rival HSBC Holdings Plc.'s 5 percent decline.

To contact the reporters on this story: Clare Cheung in Hong Kong at scheung4@bloomberg.net ; Chia-Peck Wong in Hong Kong at cpwong@bloomberg.net

Last Updated: November 18, 2007 23:16 EST

Chinese banks look to invest in Standard Chartered: report

Tuesday November 20, 1:44 AM

Chinese banks look to invest in Standard Chartered: report

China's three leading banks have approached Temasek, Singapore's state investment agency, over the acquisition of its stake in Standard Chartered, the emerging-markets lender, the Financial Times said Monday.

Industrial and Commercial Bank of China (ICBC), Bank of China and China Construction Bank had in recent months made "informal and discreet" contact with senior Temasek personnel about a possible deal for the group's 17 percent stake in Standard Chartered, the Britain-based emerging-markets bank.

Temasek is understood to have rebuffed the advances because it considers its stake in Standard Chartered to be of financial and strategic importance, according to people familiar with the matter, the FT said.

But Wang Zhenning, a Beijing-based spokesman for ICBC, denied the Chinese bank had approached Temasek regarding possible investment in Standard.

"ICBC hasn't had any contact with Temasek concerning this issue," he said. Bank of China and China Construction Bank could not immediately be reached, while Standard Chartered also declined to confirm the story.

Standard Chartered is attractive to the Chinese banks because of its profitable and expanding operations in Africa, the Middle East and Asia, added the business daily.

Temasek is Standard Chartered's largest shareholder.

Reuters: Top Chinese lender ICBC Q3 net profit up 76 pct

Top Chinese lender ICBC Q3 net profit up 76 pct

Thu Oct 25, 2007 11:46am BST

HONG KONG, Oct 25 (Reuters) - Industrial and Commercial Bank of China Ltd (1398.HK: Quote, Profile, Research), the world's biggest bank by market value, posted a 76 percent jump in third-quarter profit on Thursday, thanks to a widening interest margin and fee income growth.

ICBC (601398.SS: Quote, Profile, Research) reported July-September earnings of 22.46 billion yuan (US$3 billion), compared with 12.8 billion yuan a year ago.

ICBC raised US$21.9 billion in an initial public offering in Hong Kong and Shanghai last year -- the world's largest IPO.

Its Hong Kong shares have since risen 45 percent this year, lagging a 50 percent rise in the benchmark Heng Seng Index (.HSI: Quote, Profile, Research). Its Shanghai-listed shares have jumped 23 percent.

The company said the fair value of its U.S. subprime mortgage-backed securities was 1.62 billion yuan lower than their amortised cost as of the end of September. In August, ICBC said it held US$1.23 billion in mortgage-backed securities, and that it had not incurred any losses on the portfolio.

BT: ICBC taking 20% stake in South African bank

Business Times - 26 Oct 2007

ICBC taking 20% stake in South African bank

Deal, at 36.7b rand, is biggest foreign investment in Africa

(SHANGHAI/JOHANNESBURG) China's biggest lender ICBC is to buy 20 per cent of South Africa's Standard Bank for 36.67 billion rand (S$8.1 billion) in cash, in the biggest foreign investment yet in Africa.

The move, announced yesterday, will also be the biggest overseas acquisition by a Chinese commercial bank, and comes as Beijing encourages major state firms to expand abroad, particularly in developing countries.

Industrial and Commercial Bank of China said in a statement that buying a stake in Standard Bank, Africa's biggest banking group by assets, will enable it to capitalise on the growth prospects in Africa's largest economy.

'ICBC believes the best method of capturing these growth opportunities is through a strategic alliance with a large South African bank with significant operations on the African continent,' ICBC said.

It is the biggest foreign investment yet in Africa, according to Dealogic data.

ICBC is buying an equal mix of new shares to be offered by the South African bank and existing stock from shareholders at prices that equate to a 15 per cent premium to Standard's average stock price in the 30 trading days to Oct 23.

ICBC also reported a 76 per cent jump in third-quarter profit to 22.46 billion yuan (S$4.4 billion) yesterday.

China has been pouring money into resource-rich Africa, welcomed by some but drawing criticism from Western aid groups, which say the country is turning a blind eye to misrule and corruption. China argues it is spreading prosperity in the world's poorest continent where the West has failed.

'ICBC is buying into Standard Bank because Chinese companies are swarming to Africa to do business. We want to boost our financial services, such as trade finance, to Chinese clients there,' a source familiar with the matter said.

Standard Bank, based in Johannesburg, operates in 18 African nations and 21 other countries across the world.

Its shares jumped 5.87 per cent to 117.50 rand on the news after trade resumed. South Africa's rand currency also strengthened over one per cent against the US dollar on the news.

'The rationale for Standard Bank is perhaps not quite clear. The rationale for the Chinese bank makes far more sense. It gives them access into Africa, where there are big natural resources,' said a Johannesburg analyst who asked not to be named for compliance reasons. 'From Standard Bank's perspective, they can probably spin a story about how it gives them an opportunity to roll out further in Asia. It is hard to see how this would help Standard Bank dramatically.'

ICBC, in which Goldman Sachs, Allianz Group and American Express hold stakes, will have the right to two seats on the African bank's board. Goldman Sachs advised ICBC on the deal. -- Reuters