Initiate CITICB-A with BUY rating and RMB 6.7 TP. CITICB-A currently trades at 0.62x FY19E P/B, 21% below its past 5-year mean of 0.78x. Our TP of RMB 6.7 is based on GGM-derived target P/B of 0.75x and FY19E BPS of RMB 8.9.