<div id="readability-page-1"><div>JPM said in a research report that PSBC (01658.HK) +0.100 (+1.992%) Short selling $147.32M; Ratio 26.811% recorded YoY growth of 8% and 19% in revenue and pre-provision profit respectively in 1Q26, both above the brokers expectations. The upside was mainly driven by a positive surprise in NIM, stable fee income and lower agency fee rates. However, asset quality issues may weigh on market sentiment. Overall, the broker expects PSBCs share price reaction to be relatively muted or even negative, and to significantly Underperform major state-owned peers such as CCB (00939.HK) +0.080 (+0.911%) Short selling $1.17B; Ratio 31.007% , ABC (01288.HK) -0.031 (-0.523%) Short selling $375.72M; Ratio 29.153% and ICBC (01398.HK) +0.084 (+1.229%) Short selling $1.11B; Ratio 33.148% . JPM maintained a Neutral rating on PSBC with a TP of HKD5.5. (hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 16:25.)</div>This article was automatically translated by AI, the Chinese 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.</div>

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JPM's research report indicates that PSBCreported a YoY revenue growth of 8% and a 19% increase in pre-provision profit for 1Q26, surpassing expectations. This growth was attributed to improved NIM, stable fee income, and lower agency fees. However, concerns over asset quality may negatively impact market sentiment, leading to a muted or negative share price reaction. JPM maintains a Neutral rating on PSBC with a target price of HKD5.5, expecting it to underperform compared to major state-owned peers.

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JPM: PSBC  1Q26 Revenue and Pre-provision Profit Beat; Asset Quality Concerns Overhang