Daiwa: Bank of China Hong Kong's first quarter performance is mixed, rated as "reduce holdings"

Morgan Stanley released a research report stating that Bank of China Hong Kong's performance in the first quarter of this year was mixed, with a quarterly drop of 12 basis points in net interest margin, in line with expectations. Loan growth was 3% for the quarter, exceeding expectations, but deposits contracted for the quarter, leading to net interest income below the bank's forecasts. Morgan Stanley has a "reduce" rating for Bank of China Hong Kong with a target price of 39.9 Hong Kong dollars.