[ET Net News Agency, 19 February 2021] Bank of China (Hong Kong) (BOCHK)(02388) reports
its FY2020 results on 30th March. Citi Research said its earnings are likely to be much
more resilient than peers'.
The research house said BOCHK's 3Q NIM (net interest margin) declined 22bps QoQ to
1.17%. Citi expects a further modest decline in 4Q to 1.16%. It noted that BOCHK recorded
strong treasury gains due to a falling yield in FY2020, which is difficult to repeat into
FY2021.
Citi said there is a high correlation between BOCHK's share price and its parent's. The
sluggish share performance of BOC (03988) could have contributed to the lag. Citi
maintained its "neutral" call on BOCHK, with a target price of HK$24.9. (KL)
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02388 BOC HONG KONG
Nominal 
24.150 +0.150 (+0.625%) Research Report
19/02/2021 15:37
{I-bank focus}BOCHK's (02388) 4Q NIM seen to fall to 1.16%
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