[ET Net News Agency, 23 March 2021] Credit Suisse lifted its target price for China
Merchants Bank (CMB) (03968) to HK$73 from HK$68 and maintained its "outperform" rating
for its high and stable quality.
The research house said CMB recorded a stable top-line growth of 7.2% in the turbulent
year of 2020, helped by 11.2% growth in fee income. Pre-provision operating profit (PPOP)
growth of 4.5% was a bit behind Credit Suisse's expectation due to higher CIR (the cost to
income ratio), but excellent asset quality helped.
In 2021, CMB will likely expand its SME lending to fill the gap, which would be positive
for yield but also a challenge for risk control, Credit Suisse said. (KL)
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03968 CM BANK
Nominal 
32.550 -0.100 (-0.306%) Research Report
23/03/2021 15:40
{I-bank focus}Credit Suisse lifts CM Bank (03968) to HK$73
| Remark: | Real time quote last updated: 19/04/2024 11:48 |
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