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<Research>BofAS Downgrades CCB (00939.HK) to Neutral, Keeps TP at $8.17
CCB (00939.HK)'s 1-3Q25 net profit increased by 0.6% YoY to RMB257.4 billion, reversing the 1.4% YoY decline in 1H25, consistent with the recovery trend at peer state-owned ban...
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<Research>BofAS Downgrades CCB (00939.HK) to Neutral, Keeps TP at $8.17
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CCB (00939.HK)  -0.030 (-0.373%)    Short selling $597.42M; Ratio 31.061%   's 1-3Q25 net profit increased by 0.6% YoY to RMB257.4 billion, reversing the 1.4% YoY decline in 1H25, consistent with the recovery trend at peer state-owned banks, BofA Securities issued a research report saying.

Due to equity dilution, EPS still slightly dropped YoY. Core earnings growth slowed from 3.6% YoY in 1H25 to 1% in 1-3Q25, achieving 82% of the broker's 2025 forecast for CCB. CCB's 1-3Q25 annualized ROE fell by 0.8 ppts YoY to 10.3%. Its CET1 ratio remained high at 14.4%.

Related NewsCCB 3Q NP Leaps 4%+ YoY to RMB95.284B
BofA Securities maintained its earnings forecast for CCB unchanged. Therefore, the broker downgraded CCB's H-shares from Buy to Neutral, and kept its target price at $8.17.

BofA Securities also kept rating at Buy for CCB's A-shares (601939.SH)  -0.070 (-0.733%)   , with a target price of RMB9.77, due to its relatively higher dividend yield among A-share peers.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-11-05 16:25.) (A Shares quote is delayed for at least 15 mins.)

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