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<Research>BOCI Slightly Cuts CCB TP to $8.21; Valuation Very Attractive
Recommend 72 Positive 143 Negative 63 |
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CCB (00939.HK) continued to contribute to supporting the real economy as China's economy continued to face some complexities, BOCI said in its report. CCB's 1Q24 net profit faded 2.2% YoY, missing forecast, vs a 2.3% YoY rise in 2023. NII fell by 2.2% YoY in the quarter, vs a 4.1% YoY decline in 2023. Its net fee and commission income continued to decrease in 1Q24 amid downbeat investment sentiments. BOCI envisaged that CCB will post positive earnings growth this year, as NIM was expected to subside slowly in 2H24 and asset quality was expected to remain solid this year. The broker said CCB's valuation was very attractive, and its dividend yield may reach 8.6% this year. Considering CCB's sturdy expansion, solid asset quality and impressive ROE, BOCI considered CCB as undervalued and attractively valued. It slightly lowered its TP from $8.23 to $8.21, and maintained a Buy rating. AAStocks Financial News |
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