China Merchants Bank_ Gauging ROE expansion potential and re-rating opportunity. Wed Mar 12 2025

Asia Pacific Equity Research 12 March 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Merchants Bank Gauging ROE expansion potential and re-rating opportunity CMB-A/H shares have increased 11%/19% YTD, outperforming the CSI-300 bank and MSCI China ...