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Research Report

29/11/2019 17:57

{I-bank focus}Daiwa trims BOC(03988) to HK$3.5; "outperform"

[ET Net News Agency, 29 November 2019] Daiwa Research lowered its target price for Bank
of China (BOC)(03988) to HK$3.5 from HK$3.7 and maintained its "outperform" rating.
The research house expects BOC to face NIM (net interest margin) pressures in both
mainland China and overseas markets in 2020, but it should be able to maintain strong
growth in non-interest income, contributed by its large overseas operation.
Daiwa said BOC's NIM was stable QoQ but down 6bps YoY in 3Q at 1.85% versus 1.84% for
9-month 2019. In 2020, it expects BOC's NIM to be negatively impacted by China's potential
LPR (loan prime rate) cuts, rising domestic deposits competition, and the ongoing Fed rate
cuts. (KL)

Remark: Real time quote last updated: 21/02/2020 17:59
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