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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.
Rare among large banks! How did Agricultural Bank achieve revenue and profit growth against the trend in Q1?
China Merchants believes that the core benefit comes from Other non-interest growth against the trend, with a growth rate of 45.3% in Q1 2025. The high growth of Other non-interest against the trend indicates that Agricultural Bank may have realized gains at the low point of interest rates in the first quarter, on one hand achieving the entry of OCI floating profits into investment income, and on the other hand reducing the extent of floating losses caused by adjustments in the bond market.
Trending Stocks Today: XIAOMI-W up 4.74%
AgBank Q1 Profit Up 2%; Shares Slide 4%
UBS Group: Maintains Agricultural Bank Of China (01288) "Neutral" rating with a Target Price of 4.8 HKD.
In the first quarter of the 2025 fiscal year, Agricultural Bank's Net income increased by 2.2% year-on-year, outperforming the other four major Banks.
Agricultural Bank: Agricultural Bank Report for the First Quarter of 2025
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104255742 : but why is it not buying back its own shares?
Mr Worldwide 世界仔 OP 104255742 : debt to equity at 1.3, it has limited room to take on more debt. it is not worth to repurchase its stock which main business is insurance.