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<Research>G Sachs: CM BANK (03968.HK) 1Q Results Mix; Future Loan Acceleration May Deteriorate Asset Quality
Recommend 4 Positive 11 Negative 9 |
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CM BANK (03968.HK) reported a 4%/ 2% YoY drop in operating profit before provisions/ net profit for 1Q25, missing Goldman Sachs' estimations, Goldman Sachs released a research report saying. The broker saw a mixed 1Q25 CM BANK results, showing discipline in a possible downcycle, such as slower loan growth and higher provisions on loans, but below-guidance 1Q25 loan growth suggests an acceleration in loan growth in the coming months. The impact of tariff policies could weaken credit demand, and thus worsen asset quality. Therefore, Goldman Sachs kept rating at Buy on CM BANK's H-shares, with a target price of $47.62, based on CM BANK's ability to enhance shareholder returns and the potential recovery in consumer finance. AAStocks Financial News |
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