Ge Long Hui·2025-09-04 04:01Core Viewpoint - DBS published a research report indicating that China Merchants Bank's performance in the first half of the year met expectations, with net profit increasing by 0.3% year-on-year, while revenue decreased by 1.7% [1] Group 1: Financial Performance - The wealth management business showed steady growth, but overall income and expenses decreased by 1.9% year-on-year, with a significant decline in credit card fee income [1] - The bank expects a compound annual growth rate (CAGR) of 2.5% for profits from fiscal years 2025 to 2027, with earnings estimates revised down by 3% to 8% to reflect pressure on net interest margins and the latest outlook for fee income [1] Group 2: Ratings and Price Target - The bank reiterated a "Buy" rating for China Merchants Bank, with the target price adjusted from HKD 56.5 to HKD 53.5 [1]