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<Research>BOCI Slightly Cuts PSBC (01658.HK) TP to HKD6.62; Valuation Attractive at Current Level; Rating Buy Recommended
Recommend 7 Positive 7 Negative 0 |
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BOCI’s research report wrote that PSBC (01658.HK) charted a 1.7% YoY growth in net profit attributable to parent company in 4Q25, slightly accelerating from the 1.2% growth in 3Q, fueled by growth in operating income, a narrowing decline in NIM and reduced opex. As a result, full-year net profit attributable to parent company hiked 1.1% YoY, while operating income mounted 1.9% YoY. Although the NPL ratio edged up in 4Q, it remained the lowest among peers, while the provision coverage ratio stayed at a high-end level. The broker believed the current valuation of PSBC is appealing. Given its outstanding asset quality and stable dividend payout ratio, it should warrant a higher PB valuation. BOCI slightly lowered its TP from HKD6.84 to HKD6.62 and reiterated its Buy rating. Auto-translated by AI AASTOCKS Financial News |
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