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招商证券(香港)2月8日发布公告。PSBC is trading at ~5.3x 23E P/E, or 0.63x 23E PB. Maintain BUY for PSBC on its resilient 3Q22 performance and its positive outlook. PSBC proposed non-public issuance of A shares, which shall not exceed RMB45 billion, and will be fully used to replenish the core tier 1 capital of the Bank. The Company’s EPS might be slightly diluted by ~5% after the issuance. Maintain TP at HKD6.50, equal to ~0.83x 23E P/B (~15% premium to its past 5-yr average P/B).

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