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<Research>JPM Mildly Lowers CM BANK's TP to HKD60, Rating Overweight
Recommend 14 Positive 12 Negative 15 |
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China Merchants Bank's A-shares (600036.SH) and H-shares (03968.HK) fell by 8% and 11% in 3Q25, underperforming the CSI 300 Index and HSI by 26 and 23 ppts respectively, according to a report from JPMorgan. The implied P/B ratios for China Merchants Bank's A-shares and H-shares were 0.84 times and 0.89 times, with a projected return on equity of 12.9% for 2026. JPMorgan cut the target price for China Merchants Bank's H-shares from HKD61 to HKD60, with a rating of Overweight. The target price for its A-shares was also reduced from RMB55 to RMB54. AAStocks Financial News |
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