UBS: Bank of China Hong Kong (02388) first quarter performance in line with expectations, rated "neutral"

According to the Zhixun Finance APP, UBS released a research report stating that Bank of China Hong Kong (02388) saw a 0.4% year-on-year increase in operating profit in the first quarter, slightly higher than the bank's expectations. In terms of revenue and profit before provision, they roughly matched the bank's forecasts, with a year-on-year decrease of 0.7% and 2.6% respectively. In the period, the net loss from fair value adjustments of investment properties decreased, supporting a 7% year-on-year increase in net profit after tax. The market's response to Bank of China Hong Kong's financial performance is neutral to slightly positive, with a "neutral" rating and a target price of 43.5 Hong Kong dollars.