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<Research>UBS Adds BANK OF CHINA (03988.HK) TP to $4.7 as Overseas Biz Makes NIM Better than Peers
Recommend 20 Positive 39 Negative 19 |
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BANK OF CHINA (03988.HK)'s offshore business can make a positive contribution to the Group's revenue and net profit in a higher-for-longer interest rate environment, resulting in a better net interest margin (NIM) than its peers, according to a research report issued by UBS. The market expected the Fed to cut interest rates to a limited extent this year, which will help support banks' overseas business. UBS lowered its 2024-2028 EPS forecasts for BANK OF CHINA by 0-3% to reflect the bearish factors from lower policy rates. However, the broker reiterated rating at Buy, and added its target price from $4.2 to $4.7. AAStocks Financial News |
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