BOC Hong Kong May Benefit From Growth in Cross-Border Financial Services -- Market Talk

Dow Jones06-06

0452 GMT - BOC Hong Kong may benefit from growth in cross-border financial services, OCBC analysts say, noting the stock's relatively attractive valuation among local peers and higher earnings potential. The bank may gain more growth momentum thanks to China stepping up investment and development of the Greater Bay Area and fintech innovation, they say in a note. The bank's plan to expand its presence in the ASEAN countries will also help it deliver better-than-average growth among Hong Kong local banks, they add. OCBC keeps a buy rating for the stock at a fair value of HK$30.50. Shares last at HK$24.70. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

June 06, 2024 00:52 ET (04:52 GMT)

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