CMB's 1H Preliminary Results Showed Strong Fee Income Rebound
Following narrow-moat China Merchants Bank's, or CMB's, preliminary results, we increase the bank's fair value estimate to CNY 26 from CNY 24, or to HKD 31 from HKD 29 to reflect our more optimistic assumption for future fee income growth. The results saw a 11.5% growth in revenue and 14.6% growth in net profit for the first half of 2018, steadily improving from the 7.2% and 14.8% respective growths in the first quarter. A strong rebound in fee income growth in the past second quarter was an ups...
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