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<Research>JPM Adds CM BANK (03968.HK) TP to $44, Rates Overweight
Recommend 15 Positive 23 Negative 9 |
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JPMorgan highlighted in a report that CM BANK (03968.HK)'s A-share price has lifted 27% year-to-date, while its H-share price has hiked 36%, outperforming the CSI 300 Index and the MSCI China Index by 20 ppts and 24 ppts respectively. With earnings growth expected to improve in 2H24 compared with 1H24, JPMorgan forecasted CM BANK's EPS to grow by 2% YoY in 2024, and expected the stock to have room for upward movement. However, the broker cautioned that if investment sentiment weakened in the market, there may be profit-taking, and the H-share price may have a potential adjustment of up to 20%. Nevertheless, as the risk-return profile is good and data showed that CM BANK offered the best banking business in China, JPM maintained its Overweight rating on the lender, with the H-share target price raised from $39 to $44. AAStocks Financial News |
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