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<Research>G Sachs Tweaks Down CM BANK's TP to HKD53.53, Envisions 2026 Earnings Growth to Outpace 4 Biggest CN Banks
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The CM BANK (03968.HK) management said at the 2025 earnings conference call that they expect the bank's revenue growth to stabilize and show an upward trend in 2026, given the continuous narrowing of the NIM contraction (expected to stabilize in 2H26) and the ongoing improvement in fee income growth, according to a report from Goldman Sachs.

Goldman Sachs reiterated its view that CM BANK's earnings growth will outpace that of the four biggest Chinese state-owned banks in 2026. CM BANK's rating remains Buy, but its target price inched down to HKD53.53.

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