CMB’s NIM Remained Strong at Industry-Leading Level, Fee Income Growth Was a bit Disappointing
Following narrow-moat China Merchants Bank's, or CMB's, first-quarter results, which continued to report industry-leading net profit growth of 11.3% from the year-ago quarter, we increased our fair value estimate to CNY 30 from CNY 28 for China A-shares, and HKD 36 from HKD 32 for H-shares to reflect our modestly higher net interest margin, or NIM, assumption in 2019 and time value of money since our last update. With revenue and preprovision operating profits growing at 12% and 13%, respectivel...
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