BOCI issued a research report stating that PSBC (01658) maintained positive profit growth in Q3 2025, with net profit attributable to shareholders increasing 1.2% YoY, though the growth rate slowed from 4.8% in Q2. The bank's asset quality remained strong in the first three quarters of 2025. As of end-September and end-June 2025, PSBC's net interest margins stood at 1.68% and 1.7%, respectively, down 19bps and 17bps from end-2024. BOCI noted that PSBC's asset quality remains stable, and its valuation remains attractive. The firm raised its H-share target price from HK$6.35 to HK$6.84, implying a 2025F P/B of 0.7x, and maintained a "Buy" rating.
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