[ET Net News Agency, 8 March 2018] UOB Kay Hian lowered its target price for Bank Of
China (BOC)(03988) to HK$4.65 from HK$4.85, and reiterated its "hold" rating.
The research house sees signs that asset quality is still under pressure as loans
overdue for 3-6 months and 6-9 months had increased 52.1% and 23.2% hoh respectively in 1H
2017.
Thus, 90-day overdue loans/NPL had deteriorated by 13.8ppt hoh to 90.7% in 1H 2017. The
implementation of FRS 109 could also drag CET-1 CAR lower. Valuation is attractive but
fundamentally unexciting.
UOBKH trimmed its net profit forecasts for 2018 by 8.2% and 2019 by 6.8% because loan
growth has been slower than expected, fees would be under significant pressure and
provisions are likely to remain elevated. (KL)
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03988 BANK OF CHINA
Nominal 
3.440 +0.040 (+1.176%) Others
08/03/2018 17:42
[I-bank focus]UOBKH lowers Bank Of China (03988) to HK$4.65
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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