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<Research>BOCI Trims CM BANK (03968.HK) TP to $45.33; 2Q Results Slightly Miss
Recommend 17 Positive 17 Negative 16 |
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BOCI noted in a report that CM BANK (03968.HK)'s 2Q24 results came in slightly below expectations, with net profit down 0.7% YoY, a narrower decline than the 2% YoY drop in 1Q24. Due to lower yields on interest-earning assets, CM BANK's net interest margin was 2% in 1H24, down 15 bps from 2023. The report forecasted that the lender's net interest margin would decline by 17 bps in 2024. BOCI noted that the asset quality of CM BANK remained excellent in 1H24. The broker predicted the lender's return on average equity (ROAE) to be 15% in 2024, the highest in the industry. BOCI lowered its target price for CM BANK H-shares to $45.33 and maintained its Buy rating. AAStocks Financial News |
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