On September 9th, JPMorgan released a report stating that after China Merchants Bank announced its second quarter performance this year, it decided to adjust its net interest margin forecast for China Merchants Bank from 2024 to 2026 by 3, 7, and 7 basis points, respectively, to reflect the narrowing of its second quarter net interest margin. The bank also raised its forecast for this year's fee income from China Merchants Bank by 0.3%, but lowered its forecast for fee income in 2025 and 2026 by 2.5% and 5.2%, respectively, reflecting the ongoing pressure on fee income from bank insurance and mutual funds due to the downward adjustment of fees. JPMorgan lowered its target price for China Merchants Bank from HKD 46 to HKD 42 until December of next year, maintaining a "shareholding" rating, and remains bullish on China Merchants Bank's growth potential and stable retail distribution network.
大行评级｜摩根大通：下调招商银行12月目标价至42港元 但维持“增持”评级
Major rating | JPMorgan: Lowered cm bank's December target price to 42 Hong Kong dollars but maintains a 'shareholding' rating.
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