03968 Should I Buy

The analyst rating for CM BANK (03968.HK) from Goldman Sachs is influenced by several factors. The bank's recent weak share price performance, with A-/H-shares declining by 5%/4% year-to-date and 8%/6% from their highs three months ago, reflects disappointing 4Q25 results and a conservative earnings outlook for 2026. Despite this, Goldman Sachs expects CM BANK's earnings year-over-year growth in 2026 to surpass that of its peers, projecting an 8% growth compared to the 3% average growth for the big four banks. This positive outlook has led Goldman Sachs to set target prices for CM BANK's A-/H-shares at RMB54.68/$53.41.