Bank of China International stated in its report that Industrial and Commercial Bank of China (01398.HK) saw a recovery in profit growth in the third quarter, maintaining stable asset quality in the first nine months of the year, with net interest margin remaining flat compared to the first half of the year, but dropping 18 basis points from the previous year.

Bank of China International indicated that the current forecast market-to-book ratio of Industrial and Commercial Bank of China in 2024 is 0.41 times, with a dividend yield of approximately 7.3%. It believes that the bank is undervalued, therefore raising its target price to 6.81 yuan and maintaining a 'buy' rating.