According to the report, China China Minsheng Banking Corp's target price was lowered from HK $2.65 to HK $2.45, China Minsheng Banking Corp's earnings per share forecast for 2024 was 3% higher than market expectations, and its rating was downgraded from "holding" to "outperforming the market". The main reason is that the transparency of the bank's asset quality seems to have declined under the influence of macro adverse factors. Daiwa also cut the bank's pre-provision profit (PPOP) for 2023-2024 by 8-18%. According to Daiwa, the bank's net interest income fell 4.8% in the second quarter of 2023 from a year earlier, up 2.3% from a month earlier. In terms of size, the bank's loan growth in the first half of the year was mainly due to corporate loans and bill financing, while retail loan growth remained weak and is unlikely to accelerate significantly in the short term.
大行评级｜大和：下调民生银行目标价至2.45港元 评级“跑输大市”
Bank Ratings | Daiwa: Lowers Minsheng Bank's target price to HK$2.45 and “outperforms the market”
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