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<Research>HTSC Raises BANK OF CHINA (03988.HK) TP to $5.67, Rating Kept Buy
Recommend 8 Positive 12 Negative 2 |
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Huatai Securities released a report on BANK OF CHINA (03988.HK), which achieved 2024 net profit growth excelling the broker’s prior estimate of 0.9%, primarily due to better-than-expected cost optimization. The company proposed a DPS of RMB0.24 for 2024, with a payout ratio of 30.0%, translating to A/ H share dividend yields of 4.42%/ 5.69%, respectively. HTSC forecast BOC’s net profit for 2025-2027 at RMB242.9 billion, RMB252.2 billion, and RMB263.8 billion, respectively (2025-2026 estimates largely unchanged from prior forecasts), reflecting YoY growth rates of 2.1%, 3.9%, and 4.6%. Highlighting the bank’s strong internationalization and comprehensive business model, which warrant a valuation premium, the broker raised its target price from HKD4.75 to HKD5.67, maintaining a Buy rating. AAStocks Financial News |
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