CICC: Lower the target price of Industrial and Commercial Bank of China (01398.HK) to HK$7.14, maintain "buy" rating.

According to the app of Citic Financial, BOC International released a research report stating that the asset quality of Industrial and Commercial Bank of China (01398.HK) has improved, but profit in the first quarter of 2025 is under pressure. Net profit decreased by 4% year-on-year, while it increased by 0.5% year-on-year in the full year of 2024. Due to the narrowing net interest margin, net interest income in the first quarter of this year decreased by 2.9% year-on-year. The bank pointed out that the current valuation of ICBC is attractive, and it has lowered its target price to 7.14 Hong Kong dollars, maintaining a "buy" rating.