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<Research> UBS: ABC (01288.HK) 1Q Results Beat; TP HKD5.85, Neutral
Recommend 8 Positive 6 Negative 9 |
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UBS issued a research report stating that ABC (01288.HK) delivered 1Q results that broadly beat expectations. Net profit reached RMB75.2 billion, up 4.5% YoY, while revenue rose 10.5% YoY to RMB206.3 billion. During the period, credit impairment losses increased 29.2% YoY, and credit cost rose 17 bps to 106 bps. However, a significant decline in tax expenses supported a 4.5% YoY increase in net profit after tax, slightly outperforming peers. UBS noted that ABC's core Tier-1 capital adequacy ratio fell a further 28 bps QoQ to 10.8%, the lowest among the four major state-owned banks. During the National People's Congress meetings in March this year, the government work report indicated a plan to issue RMB300 billion of special treasury bonds to inject capital into large state-owned banks. UBS maintained a Neutral rating on ABC with a TP of HKD5.85. (sl/w) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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