Bank of China (HK) 2388

Re: Bank of China (HK) 2388

Postby winston » Wed Aug 31, 2016 9:17 am

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<Blue Chip Result>BOC HONG KONG Interim Net Profit Up 219.2% to $42.731B; Interim & Special Div $1.255

BOC HONG KONG (02388.HK) announced the interim result for the six months ended 30 June 2016.

During the period, the net profit rose 219.2% yearly to $42.731 billion.

The EPS equaled $4.0416; an interim dividend of $0.545 was declared, together with $0.710 special dividend due to the disposal of NCB, totalling $1.255.

During the period, the net operating income before impairment allowances rose 0.07% yearly to $20.745 billion; operating profit fell 2.44% yearly to $14.399 billion; return on average shareholders? equity is 25.90%; net interest income fell 8.43% yearly to $12.172 billion; non-interest income rose 15.26% yearly to $8.573 billion.

The loan to deposit ratio was 67.10%, up 3.85 percentage points from 63.25% at the end of 2015. Advances to customers and deposits from customers grew by 11.1% and 4.7% respectively from the end of 2015, outperforming the market growth.

The total capital ratio was 23.30% while the Tier 1 capital ratio was 18.63%, up 5.44 and 5.74 ppts from that at the end of 2015. The improvements mainly reflect the gain on disposal of NCB.

The average value of the liquidity coverage ratio in the first and second quarter of 2016 was 112.92% and 109.70% respectively, well above the regulatory requirement.

Source: AAStocks Financial News
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Re: Bank of China (HK) 2388

Postby winston » Thu Sep 01, 2016 6:25 am

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Bank of China Hong Kong (2388) rose 4 percent to HK$27.15 after declaring a HK$1.255 dividend (interim plus special).

First half profit doubled to HK$42.7 billion due to the sale of Nanyang Commercial Bank.

Bullish brokers gave it a target price of between HK$29 and HK$33.60.

Currently it trades at 1.5 times price to book.

I would say there is limited upside on the stock price from the current level.

Source: Dr Check, The Standard
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Re: Bank of China (HK) 2388

Postby winston » Fri Jan 20, 2017 11:31 am

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<Research Report>JPM Rates BOC HONG KONG (02388.HK) at Overweight with Target Lifted to $32.5

JPMorgan, in its report, said it did not rule out near-term profit taking after BOC HONG KONG (02388.HK)'s massive outperformance in the past 12 months, but any major pullback in share price would be a good buying opportunity.

The broker revised up the earnings forecasts by 9.3%/0.8% for FY17/18 to factor in divestment gains of Chiyu Bank and better NIM outlook and raise the target price to $32.5, with rating Overweight.

JPMorgan also listed BOC HK as the top pick among Hong Kong banks.

The broker said BOC HK has maintained its leading position in CNH deposits but declining sector-wide balance suggested CNH deposits now account for only 10-11% of total deposits at BOC HK and thus adverse NIM impacts due to recent volatility at CNH HIBOR are diminishing.

On the other hand, recent increase in HIBOR will be positive for NIM by enhancing the asset yields via re-pricing while funding costs remain largely stable.

Source: AAStocks Financial News
Web Site: www.aastocks.com
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Re: Bank of China (HK) 2388

Postby winston » Thu Mar 22, 2018 3:10 pm

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BOC Hong Kong 中银香港 (2388 HK)

In 2017, BOC Hong Kong (BOCHK) acquired its parent's branches in six ASEAN countries, namely Thailand, Indonesia, Malaysia, the Philippines, Cambodia and Vietnam.

Currently, ASEAN assets account for about 5% of BOCHK’s total assets.

The bank is ambitious in its ASEAN expansion and plans to grow the ratio to 20% in five years’ time (currently 5%).

It is also capturing opportunities from OBOR projects.

Going into 2018, we believe BOCHK will maintain above-peers loan growth due to its ASEAN expansion and will continue to benefit from the US interest rate hike.

We maintain a BUY rating with a target price of HK$43.50.

http://www.bochk.com/en/home.html

Source: UOBKH
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Re: Bank of China (HK) 2388

Postby winston » Wed Jun 24, 2020 8:41 pm

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BOC Hong Kong Holdings (OTCPK:BNKHF)(OTCPK:BHKLY)

Investment thesis: Hong Kong has a highly developed, diverse, and competitive financial sector. I decided to get some exposure here as well, choosing Bank of China over the current market leader HSBC for a simple reason: the wind has changed. The UK days are gone, and China is the future.

BOC Hong Kong has a close connection to its parent and the mainland; these ties will be the key to benefit from the ever-increasing integration of Hong Kong with China.

BOC Hong Kong serves the financial needs of a large number of mainland companies, and its sticky deposit base is second only to HSBC.

The bank has historically earned an ROE of approximately 12%, and its current valuation at 0.9x P/BV compares very favorably with a longer-term average of 1.4x, leading me to believe the shares are attractive now.

I believe mid-single-digit earnings growth is achievable over the next decade, and while waiting for capital appreciation, investors can enjoy a high dividend yield of 6%.

Source: Seeking Alpha
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Re: Bank of China (HK) 2388

Postby winston » Tue Sep 08, 2020 10:40 am

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Bank of China (Hong Kong) (2388 HK) - Mixed results

Bank of China Hong Kong (BOCHK) reported a mixed set of 1H20 results with softer-than expected net interest margin, better asset quality and strong capital position.

However, interim dividend disappointed and implied a payout ratio of 31% which is lower than the previously stated payout ratio target of 40-60%.

Despite the stock trading close to its trough valuation of 0.7x forward Price-to-Book, we expect limited catalysts for sustainable re-rating in light of NIM pressure persisting, cautious guidance on loan growth and rising dividend uncertainty.

We fine-tune our Fair Value estimate to HK$24 based on an unchanged valuation multiple which is set at -2 s.d. to historical average. HOLD.

Source: OCBC
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