BOCI: Upgrade ICBC Target Price to 9.21 HKD with Buy Rating

BOCI has released a research report stating that Industrial and Commercial Bank of China (ICBC) (6.87, 0.15%) reported a 1.9% year-on-year growth in attributable net profit for the fourth quarter of 2025, with a 3.3% growth in the third quarter of the same year. The bank's net interest margin for 2025 was 1.28% and 1.27% for the full year and first three quarters, respectively, narrowing by 14 and 15 basis points compared to 2024. BOCI notes that ICBC's asset quality continues to improve and its current valuation remains attractive, hence raising its target price to 9.21 HKD and maintaining its buy rating.