BOCI Securities released a research report stating that ICBC (01398) reported a 3.3% year-on-year increase in attributable net profit for Q3 2025, accelerating from the 1.4% growth in Q2. The net interest margin for the first three quarters of 2025 stood at 1.27%, compared to 1.3% in the first half, marking a decline of 15 and 12 basis points respectively from the end of 2024.

Based on a 2025 price-to-book ratio of approximately 0.7x, BOCI raised ICBC's target price from HK$7.15 to HK$8.34 while maintaining a "Buy" rating. The report noted that ICBC's H-share price currently reflects a 2025 P/B ratio of around 0.5x, suggesting undervaluation given its stable asset quality.

Looking ahead, BOCI expects ICBC to report positive earnings growth in Q4 2025, supported by resilient asset quality.