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Bank of America Securities: Raised the Target Price of Bank Of Communications (03328) to 6.3 Hong Kong dollars, rating "Underperform".
The bank maintains a "underperform" rating for Bank of Communications, mainly due to the unattractive dividend yield and dilution after the capital injection.
Citibank: Bank Of Communications' profit growth in the first quarter exceeds that of peers, giving a "Buy" rating.
Citigroup released a research report stating that Bank Of Communications (03328) is expected to have a 1.5% year-on-year growth in profits for the first quarter of the 2025 fiscal year, outperforming its peers, which may help offset some concerns regarding dilution and dividend per share. After considering dilution, Bank Of Communications' H shares still offer a substantial dividend yield of 5%, making it attractive to income-seeking investors. Therefore, the bank anticipates that the market will respond positively to Bank Of Communications' robust performance in the first quarter. Citigroup has set the Target Price for Bank Of Communications at HKD 6.81, giving it a 'Buy' rating.
HSBC Flags Up to $1.6 Billion in Pre-Tax Losses on BoCom Share Sale
UBS Group: Bank Of China has the strongest revenue growth among state-owned domestic banks, with a Target Price of 4.7 Hong Kong dollars.
UBS Group published a Research Report stating that the Net income of Bank Of China (03988) in the first quarter of the 2025 fiscal year decreased by 2.9% year-on-year, slightly lower than UBS Group's expectations, and lagged behind Agricultural Bank Of China (01288) and Bank Of Communications (03328). Nevertheless, Bank Of China achieved the strongest revenue growth among state-owned banks. However, operating expenses increased significantly by 9.8%, weaker than UBS Group's expectations; the effective tax rate rose by 3.5 percentage points year-on-year to 20%, far exceeding UBS Group's expectations. UBS Group estimates that the market's reaction to Bank Of China's first quarter performance is neutral to slightly positive. The bank has a Target Price of HKD 4.7 and gives a "Buy" rating.
Bank of Communications Q1 Profit Rises 1.5%, Net Operating Income Down 1.1%
China Mainland Banking stocks are weakening, CM BANK (03968) is down 5.51%, many banks' net profits fell year-on-year in the first quarter.
Jinwu Finance News | China Mainland Banking stocks are weak. As of press time, SHENGJINGBANK (02066) fell by 8.57%, CM BANK (03968) fell by 5.51%, Postal Savings Bank Of China (01658) fell by 5.36%, Industrial And Commercial Bank Of China (01398) fell by 4.74%, China Construction Bank Corporation (00939) fell by 4.23%, and Bank Of Communications (03328) fell by 3.96%. In terms of news, several banks announced their performance for the first quarter of 2025. Among them, China Construction Bank Corporation's net profit in the first quarter decreased by 3.99% year-on-year; Industrial And Commercial Bank Of China's net profit in the first quarter decreased by 3.99% year-on-year; Bank Of China’s net profit in the first quarter year-on-year.
