[ET Net News Agency, 1 September 2020] Goldman Sachs lowered its target price for BOC
Hong Kong (BOCHK)(02388) to HK$30 from HK$32 and maintained its "buy" rating.
The research house said BOCHK reported a mixed 2Q with profit beat but weakness in key
revenue metrics. Post analyst briefing, Goldman cut its 2020/21/22 EPS forecasts by
2%/10%/5% to factor in the 2Q beat but more importantly the weaker-than-expected NIM.
Goldman now projected 10%/13%/12% loan growth during 2020/21/22. On NII (net interest
income), it expects 2H to be a low point with a 23% decline expected (versus 1H: -6%),
post which a gradual recovery, driven by a bigger balance sheet, would happen. (KL)
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02388 BOC HONG KONG
Nominal 
23.250 +0.250 (+1.087%) Research Report
01/09/2020 17:38
{I-bank focus}Goldman cuts BOC Hong Kong (02388) to HK$30
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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