Increasing CMB’s FVE on Improved NIM and Cost/Income Ratio Forecast
We increase our fair value estimate for China Merchants Bank to HKD 22 from HKD 19 per share and to CNY 19 from CNY 16 for its H shares and A shares, respectively, after reviewing its digitalization progress and lifting our near-term projections for net interest margin and cost/income ratio. Its H shares are trading at an 11% premium to our new valuation, which implies 1.1 times 2017 price/book. Since late 2016, when corporate and wholesale banking experienced a hard time due to economic restruc...
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