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<Research>BOCI Cuts CM BANK (03968.HK) TP to $45.44, 1Q24 Results Miss
BOCI noted in a report that the 1Q24 results of CM BANK (03968.HK) were weaker-than-expected, with net profit falling 2% YoY due to lower operating income and net interest margin, ...
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<Research>BOCI Cuts CM BANK (03968.HK) TP to $45.44, 1Q24 Results Miss
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BOCI noted in a report that the 1Q24 results of CM BANK (03968.HK)  +0.300 (+0.767%)    Short selling $196.09M; Ratio 21.592%   were weaker-than-expected, with net profit falling 2% YoY due to lower operating income and net interest margin, as the bank continued to strengthen its financial support to the real economy. However, the bank's asset quality remained good, with non-performing loans falling and the provision coverage ratio remaining high in the quarter.

The broker said CM BANK maintained strong competitiveness in the retail banking market, with quality customers continuing to grow in 1Q24, and its exposure to property developers rebounding, with the balance of its property-related credit risk exposures growing by 4.6% QoQ at the end of March.

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BOCI maintained its Buy rating on CM BANK, with its target price slightly reduced from $45.71 to $45.44.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-17 16:25.)

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