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<Research>BofAS Cuts BANK OF CHINA (03988.HK) TP to $4.42, Rating Neutral
Recommend 15 Positive 26 Negative 18 |
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BANK OF CHINA (03988.HK) reported a 0.9% YoY decline in 1H25 net profit, missing expectations, BofA Securities released a research report saying. Profit before provisions increased by 0.1% YoY, below forecast, while ROE decreased by 0.8 ppts YoY to 8.6%. Affected by capital injections, the CET 1 ratio rose 75 bps QoQ to 12.57%. Its interim DPS dropped 9.4% YoY to RMB0.109. In 2Q25, BANK OF CHINA's net interest margin decreased by 5 bps QoQ to 1.24%. Net interest income declined by 0.6% QoQ, while loans increased by 2% QoQ and 9.1% YoY. Therefore, the broker lowered its 2025-2027 earnings forecasts by 1-2%, and cut its target price from $4.72 to $4.42, with rating at Neutral. AAStocks Financial News Website: www.aastocks.com |
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