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<Research>BofAS Reiterates Underperform on CM BANK, Reduces TP to HKD49.8
Recommend 3 Positive 2 Negative 3 |
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CM BANK (03968.HK) achieved a net profit of RMB150.2 billion before preferred stock dividends last year, up 1.2% YoY, in line with previous guidance, according to a research report by BofA Securities. Meanwhile, the bank's profit before provisions decreased by 1.6% YoY, return on equity declined by 1.0 ppt YoY to 13.4%, and Common Equity Tier 1 (CET1) ratio fell by 97 bps YoY to 14.16%. BofA Securities has cut its target price for CM BANK from HKD50.52 to HKD49.8 and reiterated the Underperform rating. It prefers state-owned banks with higher dividend yields. AAStocks Financial News |
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