CHINA HUARONG AMC(2799.HK):BUY:PROFIT GROWTH DRIVEN BY BALANCE SHEET EXPANSION
汇丰银行(中国)有限公司2017-03-16
Higher-than-expected profit growth driven by fast balance sheet growth especially in financial investments Capital adequacy ratio fell and marginally above regulatory minimum; proposed 2016 dividend payout ratio at 30% Retain Buy rating with target price lifted by 3%, to HKD3.50 from HKD3.40; earnings estimates raised by 4% for 2017-18e