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<Research>BofAS Lowers ABC's TP to HKD5.8; 2025 Earnings Slightly Miss
Recommend 2 Positive 5 Negative 1 |
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According to a report from BofA Securities, ABC (01288.HK) recorded a growth of 3.2% YoY in last year's net profit to RMB291 billion, 0.9% below the broker's expectations. ABC's core earnings also edged down by 0.1% YoY, 1.8% below expectations. The return on equity fell by 0.3 ppts to 10.2%, and the core Tier 1 capital adequacy ratio decreased by 35 bps to 11.08%. The dividend payout ratio remained largely stable, with dividends per share increasing by 3.1% YoY to RMB0.2495. The dividend yields for ABC's H-shares and A-shares were 5.2% and 3.8%, relatively low among industry peers. BofA Securities has cut its target price for ABC from HKD6.32 to HKD5.8, but it has kept the Neutral rating unchanged. AAStocks Financial News |
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