FY21 net profit rose 13.9% yoy, the strongest since FY11, with FY21 ROE rising 67bp yoy to 11.28%, its first rise since FY10. 4Q21 NIM was up 3bp qoq, and we believe it is well placed to deliver a better-than-peer increase in NIM in FY22F and FY23F. We like BOC for its exposure to US rate rises (we expect more than 200bp in 2022F) via its HK operations (which comprise about 17% of loans in FY21). BOC is our top pick among the big banks. Reiterate Add rating, FY22F-FY24F EPS raised by 3-4% on lower credit costs. TP raised 5% to HK$4.2.