Morgan Stanley has released a research report indicating that CM BANK (03968) achieved steady growth in revenue and profit during the first quarter of this year. During the period, the bank's operating income increased by 3.8% year-on-year, primarily benefiting from a 5% annual rise in net interest income. However, fee income growth remained moderate, and performance in bond investments was weak. The report assigns an "Overweight" rating to the stock, with a target price of HK$63.4.