智通财经网·2025-11-04 03:22Core Viewpoint - Bank of China International reports that Agricultural Bank of China (01288) is expected to see a decline in net interest margin in the first three quarters and the first half of 2025, with figures of 1.3% and 1.32% respectively, down by 12 and 10 basis points from the end of 2024 [1] Financial Performance - Agricultural Bank of China recorded positive growth in net profit for both the third quarter and the first three quarters, indicating strong competitiveness in a complex economic environment [1] - The net profit for the third quarter of 2025 is projected to grow by 3.7% year-on-year, accelerating from 3.2% in the second quarter and 2.2% in the first quarter [1] Valuation and Investment Outlook - Bank of China International has raised the target price for Agricultural Bank of China’s H-shares from HKD 6.09 to HKD 6.95, which corresponds to a forecasted price-to-book ratio of 0.8 times for this year [1] - The bank's asset quality is considered stable, with a decent shareholder return rate and attractive dividend yield, leading to the conclusion that the bank is undervalued [1] - The average return on equity for Agricultural Bank of China is expected to reach 10.1% in 2025 [1]