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DBS: China Everbright Bank Co Ltd – HOLD CNY3.10

Opportunities from WM and FPA strategy

Expect retail loans’ proportion to rise in FY22-24F backed by its WM strategy 

Credit card strategy to pivot more towards customer and asset quality 

FPA focused corporate growth strategy saw c.27% growth in number of clients to 0.41m in 2021 

Reinstate coverage with BUY and TP at HK$ 3.25

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