[ET Net News Agency, 9 February 2018] HSBC Global Research lifted its target price for
Agricultural Bank of China (ABC)(01288) to HK$5.9 from HK$3.7, and upgraded its rating to
"buy" from "hold".
The research house cut its 2017 earnings forecast by 2% mainly on the lower fee income;
but it raised its 2018 and 2019 earnings forecast by 2% and 4% respectively, as the lower
fee income is offset by the higher net interest income, lower provisioning and lower
operating expenses.
It said that ABC, classified as a G-SIB (global systemically important banks) by the
BIS, has a network of 23,000 branches, with a strong focus on agriculture, rural areas and
farmers. The bank's strong liquidity position means it is well placed to benefit from the
current tight liquidity environment as well as regulatory tightening. Its rural franchise
faces less intense competition and has a higher barrier to entry. (KL)
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01288 ABC
Nominal 
3.550 +0.010 (+0.282%) Others
09/02/2018 15:13
[I-bank focus]HSBC upgrades ABC (01288) to "buy" and HK$5.9
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