Changshu Rural Commercial Bank - A Underweight Model Update We update the model to factor in the stock dividend (1 new share for every 10 shares held) and cash dividend distributed in Jun 2026. For 2026-28E, we keep our profit estimates unchanged, while lowering our EPS estimates by 6%/7%/7% due to the new share dividend issued. As a result, our Dec-26 PT falls by 4% to Rmb5.40. Stay UW. Asia Pacific Equity Research 25 June 2026 Banks & Financial Services Haomin Chen AC (86-21) 6106 6347 haomin.chen@jpmorga ...