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<Research>UBS Sets ICBC's TP at HKD7.79; 2025 Results Solid
Recommend 10 Positive 14 Negative 2 |
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According to a report from UBS, ICBC (01398.HK) had a stable performance in 4Q25 and the entire year of 2025, which was largely in line with industry and the broker's expectations. The bank's NIM widened by 2 bps QoQ in 4Q25, while its core profit growth turned positive. Earnings growth was fueled by the nosedive in income tax due to investments in government and local bonds. However, the quality of retail assets remained challenging, with a surge in the non-performing loan ratio for credit cards. Last year's net profit attributable to shareholders grew by 0.7% YoY to RMB368.6 billion, slightly above market expectations. UBS has given ICBC a target price of HKD7.79 and a Buy rating. AAStocks Financial News |
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