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<Research>Citi: ICBC (01398.HK) 1Q Results Solid w/ Attractive Valuation; Rating Buy
Recommend 5 Positive 6 Negative 2 |
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ICBC (01398.HK) recorded a 9.2% YoY increase in pre-provision operating profit (PPOP) for 1Q26, benefiting from a recovery in net interest margin (NIM), strong trading gains, solid fee income and an improved cost-to-income ratio (CIR), Citi Research issued a research report saying. Net profit before preferred share dividends rose 3.3% YoY to RMB86.9 billion, accounting for 23% of the full-year market forecast, dragged down by higher credit costs. Citi Research predicted the market to respond positively to ICBC's solid 1Q26 results. Meanwhile, in light of the upcoming second batch of capital replenishment for large banks, the broker forecasted ICBC to receive a capital injection of slightly less than RMB100 billion, implying a 3-4% dilution in EPS. However, the current valuation remains attractive. Therefore, Citi Research now rated ICBC at Buy, with a target price of $7.95. Auto-translated by AI AASTOCKS Financial News |
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