Worst Likely Over for Bank of Communications -- Market Talk

Dow Jones08-29

0721 GMT - Bank of Communications' worse than peers and weaker-than-expected 2Q earnings could weigh on its shares price in the near term, Citi analysts say in a research note. BoCom's 2Q earnings were mainly dragged by muted trading gains and weak fees despite a net interest margin rebound, the analysts say. However, the management expects the magnitude of fee income decline to narrow in 2H given most rate cuts for bancassurance and mutual fund management fee were implemented in September last year and the high base effect will ease off in 2H, the analysts note. Citi retains a buy call as it reckons the worst is likely over and sees the stock trading at lower-than-peers valuation multiples. Shares are 5.8% lower at HK$5.81. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

August 29, 2024 03:21 ET (07:21 GMT)

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However, the management expects the magnitude of fee income decline to narrow in 2H given most rate cuts for bancassurance and mutual fund management fee were implemented in September last year and the high base effect will ease off in 2H, the analysts note. Citi retains a buy call as it reckons the worst is likely over and sees the stock trading at lower-than-peers valuation multiples. Shares are 5.8% lower at HK$5.81. 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BoCom's 2Q earnings ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0187","symbol_name":"一线龙头","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2463740914","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2463740914","pubTimestamp":1724916060,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0721 GMT - Bank of Communications' worse than peers and weaker-than-expected 2Q earnings could weigh on its shares price in the near term, Citi analysts say in a research note. 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