JPMorgan: China Bank's 'shareholding' rating upgraded, Q3 performance slightly better than expected.

JPMorgan released a research report stating a 'shareholding' rating for Bank of China (03988). The company's third-quarter performance slightly exceeded expectations, with net income increasing by 4% year-on-year, about 2 percentage points higher than the bank's expectations, mainly driven by strong growth in non-interest income. The report mentioned that the company's non-interest income grew by 61% year-on-year during the period, with fee income increasing by 6%, reversing the decline in the first half of the year, while non-fee income grew by 121%. In the third quarter, the net interest margin of the Bank of China decreased by 6 basis points compared to the previous quarter, a greater extent than its state-owned peers. JPMorgan pointed out that the third quarter saw HIBOR contraction and the Fed rate cut, leading to the decline in net interest margin as previously anticipated.

Sina Hong Kong Stocks40minutes ago

Citi: Maintain stanchart 'shareholding' rating, raising outlook guidance as the main highlight.

JPMorgan issued a research report stating that it maintains a 'shareholding' rating on Standard Chartered (02888), but believes HSBC Holdings (00005) has a clearer visibility on next year's earnings. The bank expects the market to raise its earnings per share forecast for Standard Chartered by mid-single digits this year. The report mentioned that in the third quarter, Standard Chartered's income, costs, and asset quality all exceeded expectations, with the guidance upgrade being the biggest highlight. Its pre-tax profit in the third quarter exceeded market expectations by 16%, driven by revenue higher than expected by 4%, and operating costs and impairments lower than expected by 2% and 25% respectively. Standard Chartered also raised its revenue growth guidance for this year from over 7% to a trend.

Sina Hong Kong Stocks41minutes ago

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