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<Research>BofAS: CCB 1Q Results In Line; Div. Yield Attractive
Recommend 16 Positive 18 Negative 5 |
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CCB (00939.HK)'s 1Q25 results aligned with forecasts, with margin and earnings pressures expected to ease after 1Q25, BofA Securities said in its report. The broker maintained its earning forecasts and raised the H-share target price from HKD7.95 to HKD8.33, citing a strong balance sheet and attractive dividend yield (5.6%). The Buy rating was reaffirmed. CCB’s 1Q25 NIM dipped 7 bps QoQ to 1.41%, with the decline worse than peers, partly due to its bigger mortgage portfolio and more concentrated mortgage re-pricing schedule within the quarter. Moreover, CCB’s NPL size expanded 3.9% QoQ, though the ratio faded 1 bp QoQ to 1.33%, indicating stable asset quality. AAStocks Financial News |
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