China Merchants Bank Co Ltd Class A

600036: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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China Merchants Bank: Reduced Cost of Equity Estimates Amid Fair Value Estimate Increases

Iris Tan

Jul 2, 2025

We update our cost of equity assumptions for China Merchants Bank to reflect a combination of recent industry developments, including weaker-than-expected year-to-date loan growth, a modest May interest rate cut, and policies aimed at curbing pricing competition among banks.

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China Merchants Bank Co Ltd Class A

China Merchants Bank: Reduced Cost of Equity Estimates Amid Fair Value Estimate Increases

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