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<Research>BofAS: CM BANK 1Q Negative; Rating Reiterated at Underperform
CM BANK (03968.HK) delivered a 2.1% YoY decrease in 1Q net profit to RMB37.3 billion, with PPOP sinking 4.2% YoY, reflecting a negative performance, BofA Securities’ research...
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<Research>BofAS: CM BANK 1Q Negative; Rating Reiterated at Underperform
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CM BANK (03968.HK)  +0.850 (+1.881%)    Short selling $154.86M; Ratio 11.368%   delivered a 2.1% YoY decrease in 1Q net profit to RMB37.3 billion, with PPOP sinking 4.2% YoY, reflecting a negative performance, BofA Securities’ research report stated. Net profit and PPOP accounted for 24.6% and 25.7% of full-year forecasts, respectively, broadly in line with forecasts.

The broker maintained its profit forecasts unchanged. In light of clearer capital injections for state-owned banks and the potential peaking of trade tensions, the broker lowered its cost of equity forecast by 50 bps to 14% and raised the H-share target price by approximately 5% to HKD45.5, while reiterating an Underperform rating.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-08 16:25.)

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