德银-港股-银行业-9月货币统计：存款增长继续滞后-20171101.pdfVIP

Deutsche Bank Markets Research Asia Industry Date Hong Kong Hong Kong Banks 1 November 2017 Banking / Finance Banks Industry Update Franco Lam Sep17 monetary stats: Deposit Research Analyst (+852 ) 2203 6226 growth continues to lag franco.lam@ Key monthly trends: Top picks HKMA announced monetary stats for Sep17, with MoM loan growth DSBG (2356.HK),HKD17.26 Buy recovering from a flattish number in Aug. However, deposit growth failed to Dah Sing Financial (0440.HK),HKD52.40 Buy match the loan momentum, with LDR reaching 72% (Dec16: 68%), the highest Source: Deutsche Bank level since Jun15.  System loans grew 1 .1% MoM (+12.8% YTD) – domestic loans were up Companies Featured 0.9% MoM (+12.4% YTD), offshore loans increased 1.2% MoM (+13.9% BOC Hong Kong Holdings Sell YTD) and trade finance was up 2.2% MoM (+11.6% YTD). Currency wise, (2388.HK),HKD37.15 HKD loans grew 1.8% MoM (+14.1% YTD) and FX lending was flat (+0.2% 2016A 2017E 2018E MoM, +11.1% Y