[ET Net News Agency, 4 May 2017] Jefferies Research lowered its target price for China
Minsheng Banking (MSB)(01988) by 9% to HK$8.8, and maintained its "hold" rating for
limited upside.
The research house said MSB is the only bank not owned by China government or a large
SOE among the 10 banks it covers. However, in the past few years, a shareholding structure
change and senior management reshuffle have weakened this bank.
Similar to CITIC Bank (00998), MSB's 1Q results were weak. NIM shrank substantially and
weak deposit franchise dragged B/S growth. Jefferies reiterated that weak deposit banks
may face challenging quarters ahead due to regulation tightening, compressing margin and
slowing B/S growth.
It sees no upside in MSB's share price and cut its estimates 2017-18 EPS by 10% and 13%.
(KL)
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01988 MINSHENG BANK
Nominal 
2.830 +0.010 (+0.355%) Others
04/05/2017 17:53
[I-bank focus]Jefferies cuts Minsheng Bank (01988) to HK$8.8
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