Aug 30, 2023 02:59 PM
FINANCE
China’s Largest Bank Nears Record Low Valuation on Margin Woes
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An Industrial and Commercial Bank of China branch in Shanghai on March 27. Photo: Bloomberg
(Bloomberg) — Industrial and 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 Wednesday.
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.
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