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<Research>G Sachs: APAC Banks Show Steady Growth Momentum This Yr; Indonesian Banks Favored
Recommend 20 Positive 30 Negative 22 |
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The banking industry will continue the growth momentum from 2025 into 2026, particularly for ASEAN and Hong Kong/ regional banks, Goldman Sachs released a research report saying. In 2025, net interest income growth is driven by strong deposit inflows rather than traditional loan growth, and this structural trend is expected to continue supporting profit growth in 2026. Goldman Sachs believed that, compared to global peers, regional banks' valuations are still undemanding, and profitability is expected to improve continuously in 2026-2028. Potential upward revisions in earnings guidance and strong results could serve as positive catalysts. Goldman Sachs was particularly optimistic about Indonesian banks, believing that easing funding cost pressures will further enhance profitability, which the market has not yet fully reflected. Company │ Region │ Rating │ TP (Local Currency) BBL │ Thailand │ Sell │ 153→165 KBANK │ Thailand │ Sell │ 164→177 KTB│ Thailand │ Neutral │ 29.1→32.6 SCB │ Thailand │ Sell │ 115→130 TTB │ Thailand │ Neutral │ 2.15→2.25 BMRI │ Indonesia │ Neutral │ 5,850→5,220 BBCA │ Indonesia │ Buy │ 9,800→10,000 BBRI │ Indonesia │ Buy │ 4,760→4,540 BBRI │ Indonesia │ Buy │ 5,150→5,200 DBS │ Singapore │ Buy │ 64.5→69.9 OCBC │ Singapore │ Buy │ 21.2→23.2 UOB│ Singapore │ Neutral │ 38→40.7 BDO │ Philippines │ Buy │ 163→169 BPI │ Philippines │ Neutral │ 133→136 BANK OF E ASIA (00023.HK) │ Hong Kong │ Sell │ 12.9→13.5 BOC HONG KONG (02388.HK) │ Hong Kong │ Neutral │ 41.2→44.1 STANCHART (02888.HK) │ Hong Kong │ Buy │ 203→237 AASTOCKS Financial News Website: www.aastocks.com |
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