SG-ICBC@EC2609A

JPMorgan Reports: ICBC's Q1 Earnings Beat Expectations

BOA Securities Raises ICBC's Profit Forecast and Adjusts Rating

JPMorgan Raises ICBC's Target Price and Rating

ICBC Quarterly EPS Misses Expectations

ICBC released FY2026 Q1 earnings on April 29 After-Market (BJT), actual revenue HKD 184.65 B (forecast HKD 244.41 B), actual EPS HKD 0 (forecast HKD 0.2947)

ICBC reports double-digit growth in revenue and net profit for Q1

ICBC Board Approves Q1 2026 Report and Governance Matters

ICBC Issued 50 Billion RMB TLAC Non-Capital Bond

ICBC reports Q1 net profit of 86.94 billion yuan

BlackRock Reduces Stake in ICBC H-shares

ICBC Sharesholders' Meeting Approves 2025 Audited Accounts and Profit Distribution Plan

ICBC to Release FY2026 Q1 Earnings on April 29 After-Market (BJT), Forecast Revenue HKD 247.31 B, EPS HKD 0.2947

ICBC Successfully Issued a 300 Billion Yuan Perpetual Bond

ICBC Provides Financial Support to Boost Development of Humanoid Robots

Shenzhen Launches One-Click Tax Refund Service for International Tourists

ICBC Completes First HK IPO RMB Repatriation for a Semiconductor Company

BlackRock Reduces Stake in Industrial and Commercial Bank of China H Shares

GuoTai Hantong Establishes Green Strategic Emerging Industries Venture Capital Fund with ICBC and Others

Eastern Air 获 ICBC Support for A-Share Repurchase

ICBC Issued 50 Billion RMB Tier 2 Capital Bonds

MS GROUP HLDGS

REACH NEW HLDGS

HINSANG GROUP

KINERGY

XL2CSOPSMSN-U

XL2CSOPSMSN

HUISHENG INTL

NU ENVIRO

AHSAY BACKUP

YAN TAT GROUP

01288

03988

601988

01398

601398

601288

Citi has released a research report detailing its investment ratings and target prices (TP) for various Chinese banks' H shares. The report includes ratings such as 'Buy' for most banks, with specific target prices ranging from HKD 4.47 to HKD 11.26. Notable banks listed include ABC, Bank of China, and ICBC, among others. The report also highlights short selling data and ratios for each bank, indicating market sentiment. The information is subject to a 15-minute delay for HK stocks quotes.

AASTOCKS News

BANK OF CHINA

Bank Of China

ICBC

BANKCOMM

CITIC BANK

CEB BANK

CM BANK

MINSHENG BANK

CQRC BANK

HUISHANG BANK

PSBC

Bank Of Communications

CNCB

CEB Bank

China Merchants Bank

CMBC

Chongqing Rural Commercial Bank

BOC HONG KONG

Bank of China

Citi's Investment Ratings and TP on CN Banks H Shrs (Table)

IDCBY

CICHY

515020

512800

512700

BofAS reported that Chinese banks listed in H-shares saw an average net profit increase of 1.1% YoY in Q1 2026, up from 0.7% last year. Pre-provision operating profit (PPOP) grew 9.2% YoY. ICBC and CCB are favored, while CM Bank and PSBC are viewed less positively. The net interest margin (NIM) rose to 1.43%, with net interest income increasing 2.8% QoQ. BofAS maintains a positive outlook on the sector, citing solid dividend yields and defensive characteristics.

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS

China Construction Bank

ChinaAMC CSI Banks ETF

Hwabao WP CSI Banks ETF

China Southern CSI Banks ETF

BofAS: CN Banks' H-shrs 1Q Results Beat; ICBC, CCB Favored

516210

512000

159887

BOCI has slightly increased the target price for ICBCfrom HKD9.21 to HKD9.22 while maintaining a Buy rating. The bank reported a net profit growth of 3.3% year-on-year in Q1 2026, exceeding forecasts, and its net interest margin was stable at 1.29%. The report highlights ICBC's solid asset quality and attractive valuation. Short selling data indicates a ratio of 33.241%.

Huaan CSI Banks ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Fullgoal CSI 800 Banks ETF

BOCI Slightly Adds ICBCTP to HKD9.22, Maintains Buy

BofAS has raised its target price for ICBC H-shares from HKD7.3 to HKD7.6 following solid first-quarter growth, with net profit before AT1 bond distributions reaching RMB86.9 billion, a 3.3% YoY increase. Core earnings rose 9.2% YoY, contributing to 29% of BofAS' fiscal 2026 forecast. The core tier-1 capital adequacy ratio decreased to 13.26%. BofAS upgraded its earnings forecasts for ICBC for 2026-2028 by 2% to 3% and reiterated a Buy rating on H-shares while upgrading A-shares from Neutral to Buy.

Bank of America

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

BofAS Raises ICBC  TP to HKD7.6, Solid 1Q Growth

512820

JPMorgan's report indicates that ICBCreported 1Q26 revenue and profit increases of 8% and 3% YoY, surpassing expectations. The growth was attributed to a rebound in NIM and non-interest income. JPMorgan anticipates a mildly positive market reaction but notes that capital levels and provisioning trends may limit share price gains. The target price for ICBC is set at HKD7.9 with an Overweight rating.

WP CSI Banks ETF

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM Expects Mildly Positive Mkt Reaction to ICBC's Forecast-Beating 1Q Results

601939

00939

UBS's report highlights that mainland Chinese banks, particularly state-owned ones, exceeded expectations in Q1, with an average revenue growth of 8.5%. This growth was driven by a rebound in net interest margin (NIM), resilient fee income, and a low trading income base. Despite higher provisioning, earnings grew by 3.4%. UBS favors defensive, high-dividend bank stocks like CCB and ICBC, but warns of deteriorating retail loan asset quality, which may affect earnings growth differently between large state-owned and joint-stock banks.

UBS Group AG

Bank of Ningbo

UBS: Mainland Banks' 1Q Results Generally Beat; NIM Rebounds; State-owned Big Banks Outperform

UBS's research report highlights that state-owned Chinese banks outperformed expectations in Q1, with an 8.5% revenue increase, the highest since 2021. This growth was driven by improved net interest margins and solid fee income. While regional banks met expectations, joint-stock banks showed mixed results. The report indicates an improving operating environment for mainland banks, with potential upward revisions in earnings growth for state-owned banks. UBS remains positive on defensive bank stocks with high dividend yields, favoring CCB, Bank of China, ICBC, CITIC Bank, and Bank of Ningbo.

China Merchants CSI BANK AH Price ETF

UBS: State-Owned CN Banks Stand Out in 1Q; Operating Conditions Improving

HSBC Research reported that China's banks exceeded first-quarter expectations, driven by strong earnings growth and improved net interest margins (NIM). Large state-owned banks showed exceptional performance, while corporate banking outperformed retail banking. HSBC anticipates further improvement in the sector's fundamentals this year, leading to a re-rating of P/E multiples. Top stock picks include ICBC H-shares, CCB H-shares, and CMB A-shares, all rated Buy with target prices of HKD8, HKD10.7, and RMB56.3 respectively.

HSBC Research: China Banks 1Q Results Beat; Fundamentals Expected to Further Improve This Year

Citi's research report highlights ICBC's solid 1Q26 results, with a 9.2% YoY increase in pre-provision operating profit and a net profit of RMB86.9 billion, despite higher credit costs. The bank's ROA and ROE declined slightly. Citi anticipates a positive market response and expects ICBC to receive a capital injection of nearly RMB100 billion, leading to a 3-4% EPS dilution. However, the valuation remains attractive, with a target price of HKD7.95 and a Buy rating maintained.

SG-ICBC@EC2609A(28183.HK)