China Merchants Bank Co Ltd Class H 03968

Stock XHKG Rating as of Nov 11, 2026

HK$53.75 −0.25 (0.46%)

As of Nov 12, 2026, 2:56:05 AM Delayed Price Open

Company Report

China Merchant Bank Earnings: Revenue Growth Accelerates on Stabilizing NIM; Concerns Overdone

Iris Tan Nov 3, 2026

China Merchants Bank's nine-month revenue and net profit growth accelerated to 5.3% and 2.4%, respectively, from 4.8% and 2.0% in the first half.

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Price vs Fair Value

View History

03968 is trading at a W.? premium.

Price

HK$54.00

Nov 11, 2026

Fair Value

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Jul 2, 2025

Uncertainty

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Bulls Say, Bears Say

Bulls

Falling bond yields and interest rates will help drive customer growth at CMB as clients seek products with higher returns.

Bears

CMB's average loan yield is dragged by intensified competition for consumption loans amid weakening demand and falling interest rates.

Trading Information

Previous Close Price: HK$54.00
Day Range: HK$53.20–53.80
52-Week Range: HK$43.34–55.60
Bid/Ask: HK$53.70 / HK$53.80
Shares Outstanding: 25.22B
Market Cap: HK$1.36T
Volume/Avg: 3M / 12M

Key Statistics

Price/Earnings (Normalized): 8.16
Price/Sales: 3.61
Dividend Yield (Trailing): 4.21%
Dividend Yield (Forward): 4.21%
Dividend Payment Schedule: Feb, Aug
Total Yield: 4.21%

Company Profile

China Merchants Bank was founded in 1987 and is headquartered in Shenzhen. 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 has been expanding rapidly. Its outlets are located mainly in China's more developed areas, including 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 49%, 51%, and 0% of total profit before tax, respectively, and 40%, 58%, and 2% of total revenue in 2024.

Sector: Financial Services
Industry: Banks - Regional
Stock Style Box: Large Value
Total Number of Employees: 121,585
Website: https://www.cmbchina.com

Competitors

Valuation

Metric	03968	000001	601939
Price/Earnings (Normalized)	8.16	5.47	9.03
Price/Book Value	0.98	0.48	0.85
Price/Sales	3.61	1.78	3.87
Price/Cash Flow	2.96	0.45	16.14

Price/Earnings

03968

000001

601939

Financial Strength

Metric	03968	000001	601939
Quick Ratio	—	—	—
Current Ratio	—	—	—
Interest Coverage	—	—	—

Quick Ratio

No chart available

Profitability

Metric	03968	000001	601939
Return on Assets (Normalized)	1.14%	0.73%	0.76%
Return on Equity (Normalized)	13.52%	9.42%	10.02%
Return on Invested Capital (Normalized)	—	—	—

Return on Assets