Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<Research>G Sachs: CN 6 Major State-owned Banks Deliver Solid 1Q Results; TPs Raised
Recommend 27 Positive 50 Negative 19 |
||||
|
||||
|
The six major state-owned banks in mainland China recorded better-than-expected pre-provision operating profit (PPOP) in 1Q26, while net profits were in line with expectations, Goldman Sachs released a research report saying. Although net interest income beat forecasts, management maintained guidance that full-year net interest margin will be under pressure. The broker kept target valuation multiples for the A-shares of the six major state-owned banks unchanged, but raised the H-share valuation multiples of the four major banks, naming ICBC (01398.HK), CCB (00939.HK), ABC (01288.HK) and BANK OF CHINA (03988.HK), by 0.375x. Goldman Sachs also lifted the H-share valuation multiples of the two smaller banks, naming BANKCOMM (03328.HK) and PSBC (01658.HK), by 0.125x to reflect the narrowing AH share premium. As a result, Goldman Sachs' average 12-month target prices for the H-shares of the six major banks were elevated by 9%, while that for A-shares were added by 1% on average. All ratings were kept unchanged. Changes in its target prices for H-shares of the six major state-owned banks are as follows: **H-shares** Stock | Rating | TP ICBC (01398.HK) | Neutral | $6.22 → $6.96 BANK OF CHINA (03988.HK) | Buy | $5.35 → $5.95 CCB (00939.HK) | Buy | $9.04 → $9.96 ABC (01288.HK) | Neutral | $5.18 → $5.82 BANKCOMM (03328.HK) | Sell | $6.11 → $6.40 PSBC (01658.HK) | Buy | $5.46 → $5.75 **A-shares** ICBC (601398.SH) | Neutral | RMB7.66 → RMB7.68 BANK OF CHINA (601988.SH) | Buy | RMB6.69 → RMB6.72 CCB (601939.SH) | Buy | RMB11.45 → RMB11.47 AGRICULTURAL BANK (601288.SH) | Neutral | RMB6.70 → RMB6.75 BANKCOMM (601328.SH) | Sell | RMB5.90 → RMB5.92 PSBC (601658.SH) | Buy | RMB5.96 → RMB6.09 Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
AASTOCKS Financial News |
||||
Copied to Clipboard
 |
||||
