Morgan Stanley reported that good progress in the transformation of Bank of China Ltd. 's wealth management business, estimated healthy dividend yields in 2022 and attractive valuations will make Bank of China a stable and attractive asset. The bank has an "overweight" rating on Bank of China's H shares, with a target price of HK $4.4.

Morgan Stanley predicts that, driven by a clear strategy and globalization initiatives, Bank of China's wealth management income will maintain growth of about 20% in 2022. It is estimated that wealth management income growth will boost Bank of China's pre-provision operating profit by about 1 percentage point to about 8% in 2-3 years. It also means that the market estimates that the dividend payout ratio of Bank of China's H shares in 2022 is 9%, which is more attractive than its peers.