BofAS Raises ABC TP to HKD6.06; 1Q26 Core Profit Shows Strong Growth
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BofAS has raised its target price for ABCto HKD6.06 following a strong 1Q26 performance, where the bank reported a net profit of RMB75.2 billion, up 4.5% YoY. Core profit surged 13.2% YoY, driven by a 6 bps QoQ increase in NIM to 1.26%. Net interest income rose 6.3% QoQ, with loans growing 5% QoQ. BofAS also adjusted its earnings forecasts for ABC for 2026-2028 by 2% to 3%, maintaining a Neutral rating for H-shares and an Underperform rating for A-shares.
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