Bank of China's 1Q Top Line Growth Was Hampered by Foreign Exchange Losses
Narrow-moat Bank of China’s, or BOC's, 5.0% growth in first-quarter net profits came in line with our expectation, contributing to 27% of our CNY 183 billion 2018 net profit forecast. We believe the bank is on track to deliver 7% net profit growth in 2018. We retain our HKD 5.40 fair value estimate. Trading at a 22% discount to our fair value estimate and 0.66 times 2018 price/book, the H shares appear undervalued as the market is pessimistic about BOC's anemic top line growth and modest NIM exp...
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