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<Research> BofAS Raises TP for CHONGQING RURAL COMMERCIAL BANK (03618.HK) to HKD8.39, Maintains 'Buy' Rating
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BofAS released a research report stating that CHONGQING RURAL COMMERCIAL BANK (03618.HK) recorded a net profit increase of 5.3% year-on-year to RMB12.1 billion last year, exceeding expectations. The pre-provision operating profit grew by 1.9% year-on-year, also surpassing expectations. The return on equity dropped by 0.1 percentage points year-on-year to 9.2%, with a dividend payout ratio of 31%. The firm raised its earnings forecasts for CHONGQING RURAL COMMERCIAL BANK for this year and next by 3% to 6%, and increased the target price from HKD7.51 to HKD8.39, maintaining a 'Buy' rating, citing attractive valuation. (ca/j) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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