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01988 MINSHENG BANK
RTNominal up2.830 +0.010 (+0.355%)
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27/04/2017 10:18

[I-bank focus]UOBKH lowers Minsheng Bank (01988) to HK$7.8

[ET Net News Agency, 27 April 2017] UOB Kay Hian lowered its target price for China
Minsheng Bank (01988) to HK$7.8 from HK$8.25, and maintained its "hold" rating.
The research house said Minsheng Bank's 1Q 2017 results are uninspiring, characterised
by steep NIM compression and decline in fee income. The 3.4% growth in bottom-line was
made possible by cutting opex and reducing provisions.
UOBKH believes Minsheng Bank faces an uphill task to improve internal controls and
regain customers' trust. Its dividend yield of 2.7% is the lowest in the banking sector.
UOBKH revised down its 2017 and 2018 earnings by 6.8% and 8.6% respectively, factoring
in higher interbank interest rate and lower growth in fee income. (KL)

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