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<Research>UBS Rates HUISHANG BANK at Sell, Lifts TP to HKD3.25
Recommend 4 Positive 3 Negative 3 |
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HUISHANG BANK (03698.HK) reported lower-than-expected revenue for 2025, though its net profit mildly exceeded expectations, UBS wrote in its report. According to its positive profit alert, HUISHANG BANK's full-year revenue is anticipated to have grown by 1.2% YoY to RMB37.67 billion, around 3% below market expectations. UBS believes this might be due to weaker-than-expected non-interest income, particularly investment and trading gains, considering the high base in 2024. Meanwhile, HUISHANG BANK's full-year net profit for 2025 is estimated to have surged by 6.3% YoY to RMB16.93 billion, about 2% higher than market expectations, possibly due to lower-than-expected operating expenses and impairment losses on financial assets. UBS has raised the target price for HUISHANG BANK from HKD3.05 to HKD3.25 and given it a Sell rating. Inclusion in Southbound Stock Connect could serve as a short-term upside catalyst. AASTOCKS Financial News |
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