Citi: ABC Potential Capital Replenishment May Dilute EPS by 7% to 8%, Rates Buy
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Citi's research report on ABCindicates a potential 7% to 8% dilution in EPS due to upcoming capital replenishment. ABC reported a 13% YoY increase in pre-provision operating profit in Q1, a recovery from a decline in Q4, driven by improved NIM, trading gains, and fee income growth. Net profit after tax rose 4.5% YoY to RMB75.2 billion, affected by higher credit costs. Citi maintains a Buy rating on ABC's H shares with a target price of HKD6.94.
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