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<Research>UBS Raises BOC HONG KONG's TP to $26.5, Envisions Resilient NII, Stable Asset Quality Trends in 3Q
Recommend 3 Positive 12 Negative 6 |
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As BOC HONG KONG (02388.HK) is set to announce its 3Q results by the end of this month, UBS has released a report predicting the bank's operational trends to remain stable despite multiple revenue challenges. With positive trends in asset quality leading to reduced impairment expenses and strong non-interest income, BOC HONG KONG's 3Q net profit is projected to edge up 0.3%. Overall, the bank's net interest income (NII) for 3Q is expected to slightly drop by 0.6% YoY. Following an upward revision of BOC HONG KONG's income forecast, UBS lifted its 2024 earnings forecast by 2.7%, and, based on the discounted cash flow rate, raised its TP for the bank from the original $24 to $26.5 with a Neutral rating. AAStocks Financial News |
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