CMB’s Funding Costs Advantage and Leadership in Asset Management Remained Largely Intact
Narrow-moat China Merchants Bank's, or CMB's, first-half results were in line with its preliminary announcement, with net profits increasing 14% from the year-ago period and accounting for 54% of our full-year projection. We retain our CNY 26 fair value estimate for A shares while reducing our fair value estimate for H-shares to HKD 30 to reflect the latest Chinese yuan/Hong Kong dollar exchange rate. The results reaffirmed our view that CMB's deposit advantage remained largely intact, despite r...
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