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 ratios in FY20. Hold rating unchanged. TP falls marginally to HK$4.10 from HK$4.40.
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 ratios in FY20. Hold rating unchanged. TP falls marginally to HK$4.10 from HK$4.40.