BOC’s 2018 Growth Weaker than Peers on Rising Deposit Costs, Credit Quality Stable
Following narrow-moat Bank of China’s, or BOC’s, 2018 results, we retained our fair value estimate of CNY 4.0 for A-shares and HKD 4.40 for H-shares as results were largely in line. Revenue growth accelerated to 4.3% from 3.3% in the first three quarters, while net profit growth slid to 4.5% from 5.3% on increased provision expenses in the fourth quarter. Trading at 19% discount to our fair value estimate, H-shares remain undervalued as current stock prices merely imply a 0.6 forward price/book ...
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