Goldman Sachs: Maintains a "buy" rating on BOC Hong Kong, with a target price of 27.7 Hong Kong dollars.

Goldman Sachs released a research report stating that it maintains a "buy" rating on BOC Hong Kong (02388). Considering the second-quarter performance, the earnings per share forecast for 2021 to 2026 are increased by 6%, 5%, and decreased by 7% respectively. The dividend payout ratio forecast for this year is lowered to 54%, the same as last year. The target price is lowered from 30.1 Hong Kong dollars to 27.7 Hong Kong dollars. The report states that the company's second-quarter operating profit was higher than expected, mainly due to higher net interest margin and more fee income, which increased revenue. The earnings per share for the first half of the year also exceeded expectations, but the dividend per share was lower than expected. The bank expects the stock price to respond moderately to performance.

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