CICC: Raised China Merchants Bank's (03968) H-share target price to HK$70.8 to maintain “outperforming the market” rating

The Zhitong Finance App learned that CICC released a research report stating that it raised the target price of China Merchants Bank (03968) H shares to HK$70.8 to maintain the “outperforming the market” rating. The bank believes that in an environment of macroeconomic fluctuations and low interest rates, China Merchants Bank's third-quarter results showed resilience, quarterly return on equity gradually stabilized, and revenue and profit growth accelerated, reaching a level similar to that of large banks.

CICC raised China Merchants Bank's 2026 revenue and shareholders' profit forecasts by 1.4% and 1.7%, respectively, to RMB 351.9 billion and RMB 153.7 billion; the 2027 revenue and shareholders' profit forecasts were raised by 1.4% and 3.5%, respectively, to RMB 366.1 billion and RMB 160.2 billion, which mainly reflected that the company's net interest spread for the third quarter slightly exceeded expectations and achieved quarterly improvements.