Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<Research>G Sachs: CN 6 Major State-owned Banks Deliver Solid 1Q Results; TPs Raised
Recommend 21 Positive 38 Negative 15 |
||||
|
||||
|
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), CCB (00939.HK), ABC (01288.HK) and BANK OF CHINA (03988.HK), by 0.375x. Goldman Sachs also lifted the H-share valuation multiples of the two smaller banks, naming BANKCOMM (03328.HK) and PSBC (01658.HK), 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) | Neutral | $6.22 → $6.96 BANK OF CHINA (03988.HK) | Buy | $5.35 → $5.95 CCB (00939.HK) | Buy | $9.04 → $9.96 ABC (01288.HK) | Neutral | $5.18 → $5.82 BANKCOMM (03328.HK) | Sell | $6.11 → $6.40 PSBC (01658.HK) | Buy | $5.46 → $5.75 **A-shares** ICBC (601398.SH) | Neutral | RMB7.66 → RMB7.68 BANK OF CHINA (601988.SH) | Buy | RMB6.69 → RMB6.72 CCB (601939.SH) | Buy | RMB11.45 → RMB11.47 AGRICULTURAL BANK (601288.SH) | Neutral | RMB6.70 → RMB6.75 BANKCOMM (601328.SH) | Sell | RMB5.90 → RMB5.92 PSBC (601658.SH) | Buy | RMB5.96 → RMB6.09 Auto-translated by AI AASTOCKS Financial News |
||||
Copied to Clipboard
 |
||||
