Citi: Maintains "Buy" rating on CQRC BANK (03618), target price HK$8.37
The bank expects third-quarter earnings year-over-year growth to accelerate to approximately 13%, driving full-year earnings year-over-year growth of approximately 8% to 9%.
Citi issued a research report stating that it has added CQRC BANK (03618) to a 30-day positive catalyst watch, believing its third-quarter performance this year will be strong and exceed market expectations. The bank maintains a "Buy" rating on CQRC BANK with a target price of HK$8.37.
The bank stated that, benefiting from third-quarter trading gains, stable quarter-on-quarter net interest margin, and steady asset quality, third-quarter earnings year-on-year growth is expected to accelerate to approximately 13%, driving CQRC BANK's full-year earnings year-on-year growth to approximately 8% to 9%, with relatively attractive valuations providing support for the share price.
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