BofA Securities raised its H‑share target for Agricultural Bank of China
(01288.HK) to HK$7.44 and maintained a buy rating, citing strong earnings
momentum and a relatively attractive dividend yield. It raised 2026–28 earnings
forecasts by about 1%. Q3 NIM eased 3bps q/q to 1.28%; net interest income fell
0.5% q/q. Loans rose 7.9% YoY. 9M net fee income fell 10.4% YoY, while other
investment income jumped 61% YoY—partly from equity revaluation gains—and
accounted for roughly 44% of the YoY revenue increase. 9M revenue rose 12.5%
YoY; cost-to-income fell 1.7ppt YoY to 29.5%. NPL ratio edged down 2bps q/q to
1.23%; coverage remained high at 289%. CET1 rose 10bps q/q to 10.9%; 9M ROE
improved 0.3ppt YoY to 10.7%.
