ICBC : Industrial and Commercial Bank of China (1398)

[TTTI]

Near 52-weeks low, is this ICBC still worth a buy?

If you wanna buy just be prepared for a steep drop down. China's big banks NPLs are rising fast  Hence the recent move to do debt to equity swaps which is just repackaging the problem LOL..

However they will need to maintain their place as a reserve currency, so no matter what happens Beijing will bailout their banks as needed, just like the FED did during GFC.

China's Subprime Crisis Is Here

http://www.cnbc.com/2016/04/27/imf-says-...blems.html

Yes, NPLs are rising, but the talk about the loans bubble bursting has been going on for several years. Nothing has happened on a big scale thus far.
I owned ICBC about 2 yrs ago.
The valuation is dirt cheap as everyone is afraid of the NPL ratio. True enough, it has been rising steadily, but this information is already baked into the share price. It's a known known. 
How it continues from here, is a known unknown. Nobody knows how it'd turn out, but everyone knows the problem is there.

The main difficulty i had, was that even the financials were not 100% trustworthy. Not sure how much of this official data is true.



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