Zhi Tong Cai Jing·2025-11-04 02:43Core Viewpoint - Postal Savings Bank of China (601658) (01658) maintains positive profit growth outlook for Q3 2025, with a year-on-year increase in net profit attributable to shareholders of 1.2%, a slowdown from 4.8% in Q2 2025 [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders increased by 1.2% year-on-year, showing a deceleration compared to the 4.8% growth in Q2 2025 [1] - The bank's asset quality remains strong, with net interest margins at 1.68% as of September 2025, down from 1.7% at the end of June 2025, and a decline of 19 basis points and 17 basis points compared to the end of 2024 respectively [1] Valuation and Rating - China International Capital Corporation (CICC) indicates that the asset quality of Postal Savings Bank remains robust and the valuation is still attractive [1] - The target price for H-shares has been raised from HKD 6.35 to HKD 6.84, equivalent to a forecasted price-to-book ratio of 0.7 times for this year, maintaining a "Buy" rating [1]