Bank of America Securities has released a research report indicating that the mid-term performance of the Industrial and Commercial Bank of China is mixed. In the first half of the year, net income decreased by 1.9% annually, higher than the bank's forecast of 0.7%; core profit decreased by 8.3%, lower than expected by 2.3%. The bank has lowered its earnings forecast for the company from 2024 to 2026 by 0% to 5%, and the target price for H shares has been lowered from HKD 5.22 to approximately 1% to HKD 5.15. The bank maintains a "buy" rating due to its strong balance sheet and attractive dividends.
大行评级｜美银：下调工商银行目标价至5.15港元 维持“买入”评级
Major bank rating | Bank of America: Downgrades the target price of Industrial and Commercial Bank of China to 5.15 Hong Kong dollars, maintains a "buy" rating.
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