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<Research>BofAS Downgrades CCB (00939.HK) to Neutral, Keeps TP at $8.17
Recommend 20 Positive 38 Negative 10 |
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CCB (00939.HK)'s 1-3Q25 net profit increased by 0.6% YoY to RMB257.4 billion, reversing the 1.4% YoY decline in 1H25, consistent with the recovery trend at peer state-owned banks, BofA Securities issued a research report saying. Due to equity dilution, EPS still slightly dropped YoY. Core earnings growth slowed from 3.6% YoY in 1H25 to 1% in 1-3Q25, achieving 82% of the broker's 2025 forecast for CCB. CCB's 1-3Q25 annualized ROE fell by 0.8 ppts YoY to 10.3%. Its CET1 ratio remained high at 14.4%. BofA Securities maintained its earnings forecast for CCB unchanged. Therefore, the broker downgraded CCB's H-shares from Buy to Neutral, and kept its target price at $8.17. BofA Securities also kept rating at Buy for CCB's A-shares (601939.SH), with a target price of RMB9.77, due to its relatively higher dividend yield among A-share peers. AASTOCKS Financial News Website: www.aastocks.com |
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