Shares of BOC Hong Kong (02388.HK) demonstrated strong momentum on July 24, surging nearly 5% during intraday trading against a broader market decline. The stock broke through the HK$50 mark to reach a new all-time high of HK$50.65, pushing the company's market capitalisation above HK$530 billion.

In a report published last week, Goldman Sachs projected that BOC Hong Kong would report second-quarter earnings of HK$10.51 billion, representing a 2% year-on-year increase but a 16% sequential decline. The double-digit quarterly drop in earnings is expected to be driven by two primary factors: the normalisation of credit costs and a cyclical pullback in other non-interest income. The investment bank noted that during the upcoming analyst briefing, investors are likely to focus on three key areas: the company's capital return plan updates for 2026 to 2028, the outlook for its exposure to commercial real estate risks in Hong Kong and mainland China, and the potential impact of new cross-border regulatory reporting rules in China. Goldman Sachs maintained a 12-month price target of HK$53.3 on BOC Hong Kong and reiterated a "Buy" rating.