BofA Securities: Raised the target price of CQRC BANK (03618) to 8.39 Hong Kong dollars, maintaining a "buy" rating.

Bank of America Securities released a research report stating that CQRC BANK (03618) saw a year-on-year increase of 5.3% in net profit to 12.1 billion yuan last year, exceeding expectations. Pre-provision profit increased by 1.9% year-on-year, also surpassing expectations. The return on equity decreased by 0.1 percentage points to 9.2% year-on-year, and dividend payout ratio reached 31%. The bank raised its profit forecast for the Agricultural Bank of China in the next two years by 3% to 6%, and increased the target price from 7.51 Hong Kong dollars to 8.39 Hong Kong dollars, maintaining a "buy" rating and attractive valuation.