BOCI Securities: Raises Industrial and Commercial Bank of China target price to HK$9.21 and maintains "buy" rating.

Bank of China International published a research report stating that Industrial and Commercial Bank of China's net profit attributable to shareholders in the fourth quarter of 2025 is expected to increase by 1.9% year-on-year, and the growth rate in the third quarter is expected to be 3.3% year-on-year. The net interest margin for the full year of 2025 and the first three quarters is expected to be 1.28% and 1.27% respectively, narrowing by 14 and 15 basis points compared to 2024. The bank believes that ICBC's asset quality continues to improve, and its current valuation is still attractive. They have raised their target price to HK$9.21 and maintain a "buy" rating.