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<Research>HTSC Slightly Lifts BANK OF CHINA TP to $5.86; Stable NIM Backs Profit Growth Recovery
Recommend 14 Positive 23 Negative 23 |
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BANK OF CHINA (03988.HK) logged a YoY hike of 1.1% in net profit attributable to parent, a 2.7% rise in revenue, and a 0.2% drop in PPOP for 9M25, Huatai Securities report indicated. The growth rates were respectively 1.9 ppts higher, 1.1 ppts lower, and 0.7 ppts lower compared to those in 1H25. The annualized ROA and ROE for 9M25 dipped 0.06 ppts and 0.57 ppts YoY to 0.7% and 8.98%. Credit growth remained sturdy; NIM stabilized marginally, and the decline in NII narrowed, although the growth rate of non-interest income showed some volatility. The marginal improvement in profit growth was mainly due to the marginal improvement in the effective tax rate. The target price for BANK OF CHINA H shares was raised from HKD5.84 to HKD5.86, with a Buy rating; and the target price for A shares (601988.SH) was hiked from RMB6.68 to RMB6.7, with an Overweight rating. AASTOCKS Financial News Website: www.aastocks.com |
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