BOCI Securities Limited: Raising target price of China Merchants Bank (03968.HK) to 56.85 Hong Kong dollars, maintaining "buy" rating.

According to the Wisdom Financial APP, BOCI Securities released a research report stating that China Merchants Bank (03968.HK) is expected to see a 1% year-on-year increase in net profit attributable in the third quarter of 2025, a slower growth rate than the 2.7% seen in the second quarter; the bank's asset quality in the third quarter is expected to remain excellent, and the net interest margin is stabilizing. BOCI Securities expects China Merchants Bank's return on average equity (ROAE) to reach 13.2% in 2025, the highest among peers. The target price for H-shares has been raised from HK$54.42 to HK$56.85, equivalent to a predicted price-to-book ratio of 1.15 times for this year; maintaining a "Buy" rating.