申万海外研究报告库申万银行3968tt.pdf

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SWSResearchCo.isasubsidiaryofShenwanHongyuanSecurities.99EastNanjingRoad,Shanghai|+862123297818Banking|CompanyResearchBringingtotheWorldMay10,2017OutperformRidingthecurveUnchangedMERCHANTSBANK-H(3968HK)MarketData:May5FinalsummaryandvaluationClosingPrice(HK$)20.30201520162017E2018E2019EPriceTarget(HK$)23.69Netinterestincome(RMBM)136,729134,595138,581150,113165,638HSCEI10,129YOY(%)22.08(1.56)2.968.3210.34HSCCI3,883Netincome(RMBM)57,69662,08167,28874,40282,62852-weekHigh/Low(HK$)21.5/15.16YOY(%)3.197.608.3910.5711.06MarketCap(USDMn)68,540EPS(RMB)2.292.462.672.953.28MarketCap(HK$Mn)532,142DilutedEPS(RMB)2.292.462.672.953.28BVPS(RMB)14.3115.9518.5920.8723.41SharesOutstanding(Mn)25,220ROAE(%)17.0916.2715.4514.9514.80ExchangeRate(RMB-HK$)1.13NPLratio(%)1.681.872.042.132.34PricePerformanceChart:CA

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