CMB's Provision Coverage Further Improved to Industry-Leading Level in the 3Q
Narrow-moat China Merchants Bank's, or CMB's, third-quarter results showed accelerating growth in revenue and net profits to 16.3% and 15.7%, respectively, from the year-ago period, leading to 13% and 15% growth for the first three quarters. This strong growth was achieved during a tough period when CMB’s financial assets were in contraction to comply with new asset management rules. We retain our CNY 26 fair value estimate for A shares and HKD 30 for H shares given the results were largely in l...
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