[ET Net News Agency, 22 December 2023] UBS raised its target price for ABC (01288) to
HKD3.45 from HKD3.10 and upgraded its rating to "buy" from "neutral".
The research house said while it lowers forecast for ABC's 2024E earnings growth from
5.2% to 2.7% due to major NIM headwinds that weigh on the overall industry, it still
expects ABC to outperform its peers in 2024E earnings growth, supported by strong loan
growth owing to competitive advantages in rural- and county-area banking, sufficient
provision buffer, as well as strong incentives to replenish core tier-1 capital. (RC)