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<Research> G Sachs Maintains Buy on CM BANK (03968.HK) with TP at HKD52.86
Recommend 8 Positive 11 Negative 5 |
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G Sachs issued a report stating that CM BANK (03968.HK)'s 1Q pre-provision operating profit and net profit were 3% and 5% below the brokers expectations, respectively. The weaker-than-expected performance was mainly due to slower growth in fee income, a 7% YoY decline in investment income, and continued NIM compression. The broker noted that the non-performing loan formation ratio rose 8 bps YoY to 1.08%, mainly driven by a 20% increase in credit card NPL formation. Although the customer base remains relatively high quality, the trend warrants attention. G Sachs lowered its forecasts for CM BANKs pre-provision operating profit and net profit by 1% for 2026 to 2028 to reflect the weak 1Q results. The broker maintained its Buy rating on CM BANK with a TP of HKD52.86. (ec/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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