CICC maintains an Outperform rating for BOC HONG KONG due to its strong growth in Southeast Asia, with deposits, loans, and income increasing by 20%, 10%, and 6% respectively. The company has stable asset quality, as indicated by a non-performing loan ratio of 2.11%, and a significant increase in both institutional and individual clients. The broker expects Southeast Asia to be a new growth engine for the company, leading to an 11.75% increase in the target price to HKD50.4.
