汇丰：降建设银行H股目标价6%至8.4港元 维持“买入”评级

Core Viewpoint - HSBC has lowered the target price for China Construction Bank's H-shares by 6% to HKD 8.4 while maintaining a "Buy" rating, citing attractive valuation despite lower earnings per share [1] Group 1: Target Price Adjustment - HSBC reduced the target price from HKD 8.9 to HKD 8.4, a decrease of 6% [1] - The bank maintains a "Buy" rating for the H-shares of China Construction Bank [1] Group 2: Earnings Forecast - The earnings per share forecast for 2025/26 has been cut by 3.8% and 6.2% respectively [1] - The first quarter of 2025 is expected to show a slight negative performance, with earnings per share projected to decline by 4% year-on-year to RMB 0.33, which is 24.9% lower than HSBC's and Bloomberg's consensus [1] Group 3: Financial Performance Indicators - Net interest income has decreased more than expected, down 4.8% from the previous quarter [1] - The net interest margin fell by 7 basis points quarter-on-quarter to 1.41% [1] - Despite the challenges, deposits and loans have shown strong growth, and asset quality indicators have improved [1]