UBS: ABC 1Q Results Beat; TP HKD5.85, Neutral
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UBS reported that ABCexceeded 1Q expectations with a net profit of RMB75.2 billion, up 4.5% YoY, and revenue of RMB206.3 billion, up 10.5% YoY. Despite a 29.2% YoY increase in credit impairment losses and a decline in core Tier-1 capital adequacy ratio to 10.8%, net profit after tax slightly outperformed peers due to lower tax expenses. UBS maintains a Neutral rating on ABC with a target price of HKD5.85.
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