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<Research>Citi: BANK OF CHINA (03988.HK) 1Q Results Miss on Higher-than-peers Impact from Trade Tensions/ Fed Rate Cut
Recommend 6 Positive 10 Negative 4 |
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Citi Research issued a research report expecting negative market reaction to BANK OF CHINA (03988.HK)'s 1Q25 results, with quarterly profit after tax falling 2.9% YoY, missing anticipation. Taking into account the 8.5% equity dilution from the capital injection, Citi Research's projected 2025 dividend yield for BANK OF CHINA's H-shares is likely to be only 5.3%, which does not stand out compared to the average of 5.4% for the big six banks. If the US recession scenario materializes, with an accelerating Fed rate-cut cycle, BANK OF CHINA may face greater pressure on its net interest margin based on its larger-than-peers overseas loan portfolio. Therefore, the broker rated BANK OF CHINA's H-shares at Buy, with a target price of $4.53. AAStocks Financial News |
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