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<Research>G Sachs: 6 Key SOE CN Banks' 3Q Results In Line; TP Added by 1% on Avg.
Recommend 12 Positive 30 Negative 12 |
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The 3Q25 results of the six major SOE Chinese banks met expectations, Goldman Sachs said in its recently released report. The average PPOP/ NPAT grew 0% and 4% YoY, respectively, which were 2% and 4% ahead of Goldman Sachs' forecasts. The decline in NIM continued to narrow, in line, with cost savings in funding being a key differentiator. It was expected that major Chinese banks are in a more favorable position to maintain stable NIMs. Goldman anticipated that loan growth for Chinese banks will continue to slow in the short term and believed that the People's Bank of China's resumption of government bond trading will be a focal point in 4Q25. After factoring in the 3Q25 results, Goldman raised the PPOP/ NPAT forecasts for the six major banks for 2025-27 by an average of 1%, with ratings remaining unchanged and target prices raised by an average of 1%. Specifically, the target prices for ICBC (01398.HK), BANK OF CHINA (03988.HK), ABC (01288.HK), and BANKCOMM (03328.HK) were hiked to HKD5.81, HKD4.93, HKD4.96, and HKD5.78, respectively, while the target prices for CCB (00939.HK) and PSBC (01658.HK) were lowered to HKD8.39 and HKD6.06, respectively. AASTOCKS Financial News Website: www.aastocks.com |
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