DBS released a research report sayingzyngapokeronline, reiterated the "Buy" rating of CCB (00939) and lowered its earnings forecast for this year and next by 5% to 6%, to reflect lower net interest margin expectations in a loose monetary policy environment, with a target price of 6zyngapokeronlineThe Hong Kong dollar was raised to 6.4 yuan, and the stock price is currently at a lower level in the state-owned enterprise industry, but its forecast that this year's dividend yield of about 9% will be the highest among the four major state-owned banks.
The report said that the company's net profit for the first quarter fell 2.2% year-on-year to 87 billion yuan, in line with market expectations. Management emphasized that in the current complex environment, CCB is more concerned about the quality of growth rather than just pursuing to expand the size of its balance sheet. The bank expects CCB's earnings to grow at an average annual compound growth rate of approximately 2.7% from 2023 to 2026, while this year's earnings may fall year-on-year.