CM BANK(600036) 中泰证券·2024-05-20 10:02Investment Rating - The investment rating for the company is "Maintain Buy" with a target price of 36.85 [30]. Core Views - The company is expected to have a relative price increase of over 15% compared to the benchmark index in the next 6 to 12 months [24]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.91X for 2024E, 0.83X for 2025E, and 0.76X for 2026E, and a price-to-earnings (PE) ratio of 6.41X for 2024E, 6.34X for 2025E, and 6.28X for 2026E [3][31]. Financial Performance - The company’s net profit forecast for 2024-2026 is adjusted to 146.7 billion, 148.2 billion, and 149.7 billion respectively, down from previous estimates of 151.9 billion, 155.8 billion, and 158.1 billion [4]. - The company reported a net interest income of 214.67 billion in 2023, with a slight decrease expected in 2024 [7]. Capital Adequacy - As of 1Q24, the capital adequacy ratios are as follows: core Tier 1 capital ratio at 14.07%, Tier 1 capital ratio at 16.30%, and total capital ratio at 18.20% [2]. Shareholder Changes - The top ten shareholders saw an increase in holdings by Hong Kong Central Clearing Limited by 0.44 percentage points to 4.64% [2][3]. Asset Quality - The company’s non-performing loan (NPL) ratio improved to 1.09% as of 1Q24, with a decrease in overdue loans [13][14]. - The overdue rate increased slightly to 1.31%, with overdue loans over 90 days accounting for 0.72% of total loans [9][13]. Cost-to-Income Ratio - The cost-to-income ratio for the company is projected to be 28.92%, which is an increase of 0.86 percentage points compared to the same period last year [17].