BOC International: Raises China Merchants Bank target price to HKD 56.85, maintains "Buy" rating

CITIC International released a research report stating that China Merchants Bank's net profit attributable to shareholders in the third quarter of 2025 is expected to grow by 1% year-on-year, with the growth rate slowing from 2.7% in the second quarter; it believes that the bank's asset quality will remain excellent in the third quarter, and the net interest margin is expected to stabilize. CITIC International forecasts that China Merchants Bank's ROAE in 2025 will reach 13.2%, the highest among its peers, and has raised the target price for H shares from HKD 54.42 to HKD 56.85, equivalent to a forecasted price-to-book ratio of 1.15 times this year; it maintains a "Buy" rating