Ge Long Hui·2025-10-31 03:10Core Viewpoint - Huatai Securities reported that Bank of China Hong Kong's operating income for the first three quarters of this year increased by 6.3% year-on-year, with growth rate declining by 7 percentage points compared to the first half of the year [1] - The operating profit rose by 3.5% year-on-year, with a decrease in growth rate of 9.5 percentage points compared to the first half of the year [1] - The board announced a third interim dividend for the fiscal year 2025 of HKD 0.29 per share [1] Financial Performance - Operating income growth slowed down due to fluctuations in other non-interest income and increased provisioning [1] - The forecast for Bank of China Hong Kong's price-to-book ratios for 2025 to 2027 are 1.14 times, 1.08 times, and 1.02 times respectively [1] Valuation and Target Price - Given the growth in loan scale and consolidation of Southeast Asian business, the company is expected to enjoy a certain valuation premium [1] - The target price has been raised from HKD 42.18 to HKD 45.59, with a maintained "Buy" rating and a target price-to-book ratio of 1.35 times for 2025 [1]