We trim FY21F-23F EPS by 1%. MSB remains our least preferred H-share bank given its lowest-of-peer core Tier 1 ratio and provisioning coverage ratio in FY20. Reiterate Reduce. TP falls marginally to Rmb3.80 from Rmb4.10.
Equity Research Analyst, Banks and Insurance @ CGS-CIMB
We trim FY21F-23F EPS by 1%. MSB remains our least preferred H-share bank given its lowest-of-peer core Tier 1 ratio and provisioning coverage ratio in FY20. Reiterate Reduce. TP falls marginally to Rmb3.80 from Rmb4.10.