Zhi Tong Cai Jing·2025-11-04 03:05Core Viewpoint - Bank of China International reports that China Merchants Bank (03968) experienced a 1% year-on-year growth in net profit attributable to shareholders for Q3 2025, a slowdown from the 2.7% growth in Q2 2025 [1] Group 1: Financial Performance - The bank's asset quality remained excellent in Q3 2025, with net interest margin stabilizing [1] - The projected Return on Average Equity (ROAE) for China Merchants Bank in 2025 is expected to reach 13.2%, the highest among peers [1] Group 2: Stock Valuation - Bank of China International raised the H-share target price for China Merchants Bank from HKD 54.42 to HKD 56.85, which corresponds to a forecasted price-to-book ratio of 1.15 times for this year [1] - The rating for China Merchants Bank is maintained at "Buy" [1]