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China Merchants Bank Co Ltd Class A 600036 Stock Quote

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Morningstar‘s Stock Analysis 600036

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Is it the right time to buy or sell?

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Will China's Mortgage Boycotts Spread and Trigger Financial Crisis?

Iris Tan, CFA Senior Equity Analyst

Analyst Note

| Iris Tan, CFA |

We maintain our fair value estimates for the majority of our Chinese bank coverage after the media reported an increasing number of homebuyers across China are refusing to repay mortgage loans for delayed projects. While we expect the imminent impact on banks' credit quality is small, the news reflects challenging liquidity conditions for private developers and weak consumer confidence. We believe this may lead to a weak recovery of the wealth management business—especially for private bank business—as investors are likely to have little mood for financial products linked to the property sector. Hence, we modestly lower fair value estimates for the two retail-oriented banks China Merchants Bank, or CMB, to HKD 68 from HKD 70 per share; and Ping An Bank, or PAB, to CNY 24 from CNY 26 per share, to factor in lower wealth-management-related income growth in 2022.

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Key Statistics 600036

Company Profile 600036

Business Description

China Merchants Bank, with headquarters in Shenzhen, was founded in 1987. The bank is China's seventh-largest listed bank by assets, with the largest distribution network among China's joint-stock banks. CMB's network is expanding rapidly. Its outlets are located mainly in China's more developed areas, such as the Pearl River and Yangtze River deltas. The firm has 18% and 82% of its shares listed on the Hong Kong and Shanghai exchanges, respectively. It has no foreign strategic investors. China Merchants Group is its largest shareholder, with a 30% stake. Retail banking, corporate banking and wholesale banking accounted for 52%, 42%, and 6% of total profit before tax, respectively, and 52%, 45%, and 3% of total revenue in 2021.

No. 7088 Shennan Boulevard, 19 Floor, China Merchants Bank Building
Shenzhen, 518040, China, People's Republic of
T +86 75583198888
Industry Banks - Regional
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 103,669