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<Research>BofAS Axes TP for BANK OF CHINA (03988.HK) to HKD5; 2025 NP Slightly Misses
Recommend 25 Positive 43 Negative 29 |
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BofA Securities' research report covered BANK OF CHINA (03988.HK)(601988.SH), which recorded a net profit of RMB243 billion before AT1 distribution in 2025, representing a YoY growth of 2.2%, which was 0.7% below the broker's forecast. Core earnings grew by 1.6% YoY, exceeding forecasts by 1.9%. The annual DPS was RMB0.226, with dividend yields for H shares and A shares at 5.2% and 4%, respectively. The broker adjusted its earnings forecasts for 2026-27 by +/-1% and axed the TP for BANK OF CHINA's H shares by 4% to HKD5 and the TP for A shares by 8% to RMB5.6, reflecting earnings adjustment and rollover of average ROE to 2026-28. A Neutral rating was kept. The broker preferred ICBC (01398.HK) and CCB (00939.HK) for their better earnings quality. AASTOCKS Financial News Website: www.aastocks.com |
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