HSBC Research: CM BANK Needs More Time to Turn Retail Strength into Earnings Edge; Long-term Potential Favored
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HSBC Research has stated that CM BANKneeds more time to convert its retail strength into earnings advantage, despite a 4.5% YoY growth in pre-provision operating profit in 1QYY. Rising credit costs slowed EPS growth to 0.7% YoY, with a 1% QoQ decline in retail loans and increased non-performing loan ratios. HSBC maintains a Buy rating and a target price of HKD63.7, remaining optimistic about CM BANK's long-term potential in retail and wealth opportunities.
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