智通财经网·2025-09-04 07:00Core Viewpoint - DBS reported that China Merchants Bank's (03968) first-half performance 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 revenue and expenses decreased by 1.9% year-on-year, with a significant drop in credit card fee income [1] - The bank's net interest margin is under pressure, leading to a downward revision of profit forecasts for the fiscal years 2025 to 2027, with a compound annual growth rate (CAGR) of 2.5% expected [1] Group 2: Ratings and Price Target - DBS reiterated a "Buy" rating for China Merchants Bank, adjusting the target price from HKD 56.5 to HKD 53.5 [1]