[ET Net News Agency, 28 December 2020] Guotai Junan International lowered its target
price for Agricultural Bank of China (ABC) (01288) to HK$3.59 from HK$3.89 to reflect the
changes in the market valuations and maintained its "accumulate" rating.
The research house said ABC recorded a 9-month net profit of RMB165,335mn, down 8.5%.
Its net interest income was RMB393,785mn, up 9.2%. As of the end of 3Q, its NPL ratio was
1.52%, up 0.12 ppts compared with the end of 2019.
Guotai Junan revised down its FY2020-22 EPS forecasts by 10.7%/10%/8.4%, respectively.
It projected ABC's EPS to be RMB0.535/RMB0.557/RMB0.598, change of -9.8%/ 4.2%/ 7.3%,
respectively. (KL)
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01288 ABC
Nominal 
3.540 +0.040 (+1.143%) Research Report
28/12/2020 14:22
Guotai Junan trims ABC (01288) to HK$3.59; "accumulate"
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