[ET Net News Agency, 28 December 2020] Guotai Junan International lowered its target
price for Bank of China (BOC) (03988) to HK$3.32 from HK$3.51 and maintained its
"accumulate" rating.
The research house said BOC's 9-month net profit declined by 8.7% to RMB145,711mn. Its
net interest income was RMB297,505mn, up 7.1%. NIM contracted 3 bps to 1.81%. As of the
end of 1H, BOC's overseas institutions totaled 558, covering 61 countries and regions,
including 25 countries along the "Belt and Road". This represents the largest footprint of
any Chinese bank, both worldwide and along the "Belt and Road". BOC actively promoted CIPS
(Cross-border Interbank Payment System) and signed agreements for CIPS indirect
participants with 325 domestic and overseas financial institutions.
Guotai Junan revised down its EPS for FY2020-22 by 10.6%/10.2%/8.6%, respectively. It
estimated BOC's EPS to be RMB0.542/RMB0.566/ RMB0.61, respectively. (KL)
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03988 BANK OF CHINA
Nominal 
3.460 +0.020 (+0.581%) Research Report
28/12/2020 15:26
Guotai Junan cuts BOC (03988) to HK$3.32; "accumulate"
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