[ET Net News Agency, 31 March 2021] HSBC Global Research lifted its target price for
Agricultural Bank of China (ABC) (01288) to HK$4.1 from HK$3.8 and maintained its "buy"
rating.
The research house said it sees two positives (cost efficiency and capital ratios), two
negatives (asset quality and balance sheet), and one neutral/mixed trend (revenue), out of
the five key aspects it monitored.
HSBC thinks ABC delivered ahead of peers' PPOP growth and saw better-than-peer NIM
trends. NPL ratio increased more than peers, but this may reflect improved recognition to
include 20d overdue corporate loans as NPLs.
Post-results, HSBC raised its 2021/22 earnings forecasts by +6.4%/+4.5%, respectively to
reflect its higher net interest income and improved cost efficiency forecast. (KL)
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01288 ABC
Nominal 
3.480 +0.050 (+1.458%) Research Report
31/03/2021 17:51
{I-bank focus}HSBC lifts ABC (01288) to HK$4.1; "buy"
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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