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03968 CM BANK
RTNominal up32.450 +0.150 (+0.464%)
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15/01/2021 17:08

{I-bank focus}Nomura raises China Merchants Bank to HK$69.07

[ET Net News Agency, 15 January 2021] Nomura raised its target price for China
Merchants Bank (CMB) (03968) to HK$69.07 from HK$62 and maintained its "buy" rating.
The research house said CMB's FY2020 earnings recorded a strong beat, with net profit up
4.8% to CNY97bn, implying a V-shaped rebound for 4Q. Revenue saw a strong recovery
momentum from COVID-19, with interest income and non-interest income up 11% and 12.4%,
respectively.
Looking forward, Nomura raised its 2020/21/22 net profit forecasts by 5.1%/3.4%/3.5%,
and it now expects growth of 4.8%/13%/18% for 2020/21/22, on the back of improving asset
quality and stabilizing NIM outlook, thanks to the strong economic recovery momentum. (KL)

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