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<Research>UBS Raises BOC HONG KONG's TP to HKD43.5 With Rating Kept Neutral
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According to a UBS research report, BOC HONG KONG (02388.HK) achieved a growth of 4.9% YoY in full-year net profit to HKD34.121 billion, beating both the broker's and the market's expectations, primarily driven by strong net interest income and NIM. Benefiting from a 13.8% revenue growth and a 15.8% pre-provision profit growth, BOC HONG KONG's operating profit increased by 5% YoY in 4Q25. A YoY surge of 80.3% in impairment provisions was also largely in line with expectations, reflecting increased provisions for Chinese commercial real estate clients. The quarter credit for 4Q25 was estimated to have reached 73 bps. An annual dividend of HKD2.125 per share and a payout ratio of 56% met forecasts as well. UBS has increased its target price for BOC HONG KONG from HKD40 to HKD43.5 and kept the Neutral rating unchanged. AAStocks Financial News |
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