China’s Largest Bank Nears Record Low Valuation on Margin Woes
- Industrial & Commercial Bank of China at 0.38 times book value
- The lender is expected to report slower earnings growth for 1H
This article is for subscribers only.
Industrial & Commercial Bank of China Ltd. is trading near a record low valuation, with its shares down 11% so far this year in Hong Kong due to rising concerns over margins and asset quality ahead of its first-half results due today.
China’s biggest lender is likely to report slower earnings growth, dragged by weak margins and fee income, according to Bloomberg Intelligence analyst Francis Chan.