智通财经网·2025-10-31 08:29Core Viewpoint - Bank of America Securities has raised its profit forecast for Agricultural Bank of China (01288) for the years 2023 to 2027 by 1% to 2%, reflecting an increase in return on equity forecast to 10% and a target price adjustment from HKD 5.7 to HKD 5.81, but downgraded the investment rating from "Buy" to "Neutral" due to the bank's significant outperformance compared to peers and unattractive dividend yield [1][1][1] Financial Performance - Agricultural Bank of China reported a net profit increase of 3% year-on-year to RMB 220.9 billion for the first three quarters, compared to a 2.7% increase in the first half [1][1] - Core earnings rose by 1% year-on-year, contrasting with a 0.2% decline in the first half, which accounts for 82% of Bank of America Securities' full-year forecast [1][1][1] - The common equity tier 1 capital ratio increased by 5 basis points quarter-on-quarter to 11.2%, while the return on equity decreased by 0.2 percentage points year-on-year to 10.5% [1][1][1] Competitive Position - Despite Agricultural Bank of China's growth, its comparative advantage over other state-owned banks has narrowed as other banks have reversed their profit declines in the third quarter [1][1]