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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Bank of China Limited    3988   CNE1000001Z5

BANK OF CHINA LIMITED

(3988)
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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 07/10
2.81 HKD   -1.40%
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China's factory activity expands, but job losses quicken amid weak exports - Caixin PMI

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07/01/2020 | 05:23am EDT
Workers direct a crane lifting ductile iron pipes for export at a port in Lianyungang, Jiangsu

China's factory activity grew at a faster clip in June after the government lifted coronavirus lockdown measures and ramped up support steps, but the health crisis continues to pressure exports and jobs, a private business survey showed on Wednesday.

The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) rose to 51.2 last month, the fastest pace of growth since December, and up from May's 50.7. The 50-mark separates growth from contraction on a monthly basis.

Analysts polled by Reuters had expected a reading of 50.5.

China's economy is gradually emerging from a sharp 6.8% contraction in the first quarter, with much of the country reopened after weeks of disruptions early in the year due to strict lockdown measures.

But demand remained subdued, as many manufacturers are still struggling with reduced or cancelled overseas orders amid faltering global demand.

While some of China's trading partners are easing curbs and re-booting their economies, many are still grappling with the pandemic while a surge of worldwide infections over the past week has raised the risk of a deeper and prolonged global recession.

Consumers have also remained cautious amid job losses and fears of a fresh wave of infections in China as a cluster emerged in Beijing last month.

New export orders stayed firmly in contractionary territory, the survey showed, although the downturn eased from the sharp slump in May.

"Overall manufacturing demand recovered at a fast clip, but overseas demand remained a drag," said Wang Zhe, senior economist at Caixin Insight Group.

The government has already rolled out a raft of easing steps this year, including reserve requirement cuts and targeted lending support and tax breaks for virus-hit firms. It has also ramped up local bond issuance in the hopes of spurring infrastructure growth.

Despite a pick-up in domestic orders, the uncertain outlook forced factories to cut payrolls for the sixth consecutive month, with the pace of job shedding accelerating. Avoiding mass unemployment is a top government priority, with a target to create over 9 million urban jobs this year.

"We should still pay attention to the pressure on employment. Top policymakers have repeatedly stressed the importance of expanding employment channels. For some time to come, increasing employment will remain an arduous task," Wang said.

Given the uncertain outlook, the government said in late May it was not setting an annual growth target, for the first time since 2002.

An official survey on Tuesday also showed China's factory activity grew at a quicker pace in June but smaller firms were still suffering and exporters struggled with shrinking orders, pointing to an uneven recovery.

(Reporting by Yawen Chen and Ryan Woo; Editing by Shri Navaratnam)

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Financials
Sales 2020 577 B 82 392 M 82 392 M
Net income 2020 188 B 26 827 M 26 827 M
Net Debt 2020 - - -
P/E ratio 2020 4,09x
Yield 2020 7,56%
Capitalization 985 B 141 B 141 B
EV / Sales 2019
Capi. / Sales 2020 1,71x
Nbr of Employees 309 384
Free-Float 99,0%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 3,35 CNY
Last Close Price 2,54 CNY
Spread / Highest target 75,7%
Spread / Average Target 32,0%
Spread / Lowest Target 6,99%
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Managers
NameTitle
Jiang Wang Vice Chairman & President
Xi Quan Wang Chairman-Supervisory Board
Lian Ge Liu Chairman
Liu Qiuwan Chief Information Officer
Chang Yun Wang Independent Non-Executive Director
Sector and Competitors