<Research>G Sachs: CN 6 Major State-owned Banks Deliver Solid 1Q Results; TPs Raised

Recommend

Positive

Negative

SHORT SELL

STOCK INFO

aacat by AASTOCKS
Open a new trading account to get Level 1 Real-Time Streaming!

The six major state-owned banks in mainland China recorded better-than-expected pre-provision operating profit (PPOP) in 1Q26, while net profits were in line with expectations, Goldman Sachs released a research report saying. Although net interest income beat forecasts, management maintained guidance that full-year net interest margin will be under pressure.

The broker kept target valuation multiples for the A-shares of the six major state-owned banks unchanged, but raised the H-share valuation multiples of the four major banks, naming ICBC (01398.HK)  -0.050 (-0.709%)   Short selling $189.40M; Ratio 17.367%   , CCB (00939.HK)  -0.030 (-0.337%)   Short selling $354.21M; Ratio 25.421%   , ABC (01288.HK)  +0.060 (+0.995%)   Short selling $217.93M; Ratio 38.182%   and BANK OF CHINA (03988.HK)  -0.020 (-0.382%)   Short selling $280.11M; Ratio 23.636%   , by 0.375x.

Related News M Stanley Lists "Long-Only" EM Fund Managers' Holdings (Table)
Goldman Sachs also lifted the H-share valuation multiples of the two smaller banks, naming BANKCOMM (03328.HK)  -0.010 (-0.137%)   Short selling $61.80M; Ratio 32.119%   and PSBC (01658.HK)  -0.020 (-0.391%)   Short selling $12.68M; Ratio 24.517%   , by 0.125x to reflect the narrowing AH share premium.

As a result, Goldman Sachs' average 12-month target prices for the H-shares of the six major banks were elevated by 9%, while that for A-shares were added by 1% on average. All ratings were kept unchanged.

Changes in its target prices for H-shares of the six major state-owned banks are as follows:

**H-shares**
Stock | Rating | TP
ICBC (01398.HK)  -0.050 (-0.709%)   Short selling $189.40M; Ratio 17.367%   | Neutral | $6.22 → $6.96
BANK OF CHINA (03988.HK)  -0.020 (-0.382%)   Short selling $280.11M; Ratio 23.636%   | Buy | $5.35 → $5.95
CCB (00939.HK)  -0.030 (-0.337%)   Short selling $354.21M; Ratio 25.421%   | Buy | $9.04 → $9.96
ABC (01288.HK)  +0.060 (+0.995%)   Short selling $217.93M; Ratio 38.182%   | Neutral | $5.18 → $5.82
BANKCOMM (03328.HK)  -0.010 (-0.137%)   Short selling $61.80M; Ratio 32.119%   | Sell | $6.11 → $6.40
PSBC (01658.HK)  -0.020 (-0.391%)   Short selling $12.68M; Ratio 24.517%   | Buy | $5.46 → $5.75

**A-shares**
ICBC (601398.SH)  -0.080 (-1.094%)   | Neutral | RMB7.66 → RMB7.68
BANK OF CHINA (601988.SH)  -0.020 (-0.348%)   | Buy | RMB6.69 → RMB6.72
CCB (601939.SH)  -0.020 (-0.208%)   | Buy | RMB11.45 → RMB11.47
AGRICULTURAL BANK (601288.SH)  +0.010 (+0.150%)   | Neutral | RMB6.70 → RMB6.75
BANKCOMM (601328.SH)  +0.010 (+0.150%)   | Sell | RMB5.90 → RMB5.92
PSBC (601658.SH)  -0.030 (-0.596%)   | Buy | RMB5.96 → RMB6.09
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.) (A Shares quote is delayed for at least 15 mins.)

Auto-translated by AI

View Original Text

This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

AASTOCKS Financial News

Copyright(C) AASTOCKS.com Limited 2000. All rights reserved.
Disclaimer: AASTOCKS.com Ltd, HKEx Information Services Limited, its holding companies and/or any subsidiaries of such holding companies endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.