China Merchants Bank Co Ltd Class A

600036: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥89.00	Mxmpzm	Rdgsgchtl

China Merchants Bank: Lowering Valuation as Fee Income and Margin Pressure Dampen Outlook

Iris Tan

Aug 28, 2023

Business Strategy and Outlook

China Merchants Bank, or CMB, stands out thanks to its leading position in retail banking business and enviable funding costs advantage, which delivers one of the strongest returns on assets among peers. We believe strong returns and competitive advantages endow it with a narrow economic moat.

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