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<Research>JPM: BOCHK 1Q24 Operating Performance Slightly Beats; Rates Overweight
Recommend 8 Positive 21 Negative 14 |
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JPMorgan commented in a report that BOC HONG KONG (02388.HK)'s 1Q24 operating performance was slightly better than consensus expectations. The broker maintained its Overweight rating on the lender, reflecting a modest valuation and room for upward revisions to its profit forecasts, with a target price of $27.2. According to the broker, BOCHK's operating performance in 1Q reflected a pre-provision operating profit (PPOP) trend and credit costs that were slightly better than consensus expectations. In addition to stable operating performance, the ability to more aggressively enhance shareholders' returns will be a key driver for the lender's valuation reappraisal. BOCHK's 1Q24 operating income and PPOP elevated 17% and 22% YoY respectively, driven by growth in net interest income and improved operating efficiency, partially offset by higher credit costs. AAStocks Financial News |
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