In the research report, CIMB's net profit in the first half of the year fell by 1.6% YoY to 35.5 billion yuan, in line with expectations. However, revenue and pre-provision profit increased by 2.7% and 1.4% YoY respectively. The non-performing loan ratio increased by 1 basis point to 1.19% in the first half of the year, indicating a stable risk portfolio. The bank expects the company's compound annual growth rate of profitability from 2023 to 2026 to be 6%, with net interest margin under pressure in the second half of this year and next year, but the trend is expected to be better than the industry average. The bank anticipates that the company's profitability in 2022 and 2026 will increase due to steady growth in corporate loan demand, gradual recovery of retail loans, a 7.5% annual increase in fee income, and lower non-performing loan ratio and credit costs. CIMB maintains its earnings forecast for the company for 2021 to 2026 largely unchanged, with the target price raised from HKD 4.9 to HKD 5.1. It maintains a "buy" rating, noting that the stock's dividend yield for this year is 8.4%, higher than its peers.