Zhi Tong Cai Jing·2025-09-04 06:57Core Viewpoint - DBS released a report indicating that China Merchants Bank (600036)(03968) achieved expected performance in the first half of the year, with net profit increasing by 0.3% year-on-year, while revenue decreased by 1.7% [1] Financial Performance - The bank's wealth management business showed steady growth, but overall revenue and expenses decreased by 1.9% year-on-year, with a significant decline in credit card fee income [1] - The bank forecasts a compound annual growth rate (CAGR) of 2.5% for profit 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] Investment Rating - The bank reiterated a "Buy" rating for China Merchants Bank, with the target price adjusted from HKD 56.5 to HKD 53.5 [1]