BOC's 1H Result Saw NIM Expansion, While Credit Quality Outlooks Were Mixed
Narrow-moat Bank of China's, or BOC's, first-half results posted 5.2% year-on-year growth, relatively flat from the first quarter and well on track to deliver our full-year projection of 6.5% growth. We retain our CNY 4.40 fair value estimate for A-shares, but lower our fair value estimate to HKD 4.90 from HKD 5.40 for H-shares to reflect the latest Chinese yuan/Hong Kong dollar exchange rate. Trading at a 26% discount to our fair value estimate, and 0.64 times 2018 price/book, the H-shares appe...BANK OF CHINA LIMITED is a China-based commercial bank. The Bank is mainly engaged in the provision of banking and related financial services, including commercial banking business, investment banking business, insurance business, direct investments and investment management businesses, fund management business and aircraft leasing business, as well as others. The Company mainly provides loans to individual and corporate clients. The Bank mainly operates its businesses in China mainland, Hong Kong, Macau and Taiwan, as well as other countries.
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