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<Research>HSBC Research Slightly Raises TP for CCB (00939.HK) to HKD10.7; 2025 Results Moderately Positive
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HSBC Global Investment Research released a report on CCB (00939.HK), which had moderately positive 2025 results. The EPS shed by 0.9% YoY to RMB1.3, which was 0.8% and 1.3% above the broker's and market's expectations, respectively. This was driven by balance sheet growth, stronger non-interest income and a slight improvement in cost efficiency.

HSBC Global Investment Research raised the EPS forecasts for 2026 and 2027 by 1.1% and 0.2%, respectively, while maintaining a Buy rating for CCB H-shares and a Hold rating for CCB (601939.SH) A-shares, with the TP raised from HKD10.6 and RMB10.2 to HKD10.7 and RMB10.3, respectively.

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