德银-xx-银行业（个股-boca）-boca仍然有较好的价值-20170928-deutsche bank-bank of china aviation：boca vi’26 still offers better value.pdfVIP

Deutsche Bank Markets Research Asia Company Date China Bank of China 28 September 2017 Aviation Franco Lam Corporate Credit Research Analyst Financials (+852 ) 2203 6226 franco.lam@ Viacheslav Shilin, MBA BoCAVI26 still offers better value Research Analyst (+65 ) 6423 5726 viacheslav.shilin@ Key recommendations BoCA has one of the strongest fundamentals amongst leasing companies… Bond Ask/Bid YTC (%) G-Spread We believe Bank of China Aviation (BoCA) still has the best operating (bp) fundamentals among the leasing companies under our coverage, supported by Buy Ask Ask steady balance sheet growth, resilient margin trend and limited near-term BoCAVI 102.9 3.49 131 impairment risks. The latest 1H17 results reaff