[ET Net News Agency, 3 January 2020] Nomura lifted its target price for China Merchants
Bank (CMB)(03968) to HK$52.99 from HK$46.5 and maintained its "buy" rating.
The research house expects CMB to continue to deliver strong operating results for
FY2020, with net profit up 14%, mainly driven by loan growth at 13%. Nomura thinks CMB's
retail business will remain the key growth driver since its retail banking revenue was up
22% for 1Q-3Q 2019, accounting for 55% of total revenue.
Meanwhile, Nomura thinks CMB's NIM will be under pressure, due to the adoption of the
LPR mechanism. For FY2020, it expects CMB to record NIM at 2.59%, versus 2.65% for FY2019.
But it expects CMB's ROE to remain higher than the covered peers' average at16.7% for
FY2020. (KL)
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03968 CM BANK
Nominal 
34.200 +0.100 (+0.293%) Research Report
03/01/2020 09:35
{I-bank focus}Nomura lifts CM Bank (03968) to HK$52.99
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