share_log

研报掘金丨国泰君安:维持民生银行“增持”评级,目标价3.96港元

Research Report Nuggets丨Cathay Pacific Junan: Maintaining Minsheng Bank's “Overstock” Rating, Target Price: HK$3.96

Gelonghui Finance ·  Apr 12 15:47
Gelonghui, April 12 | According to Guotai Junan Research Report, Minsheng Bank (1988.HK)'s revenue and net profit growth rate in 2023 showed a recovery trend. The size of small and micro loans increased further and the non-performing rate declined, deposit costs improved marginally, and asset quality was stable, moderate and positive. The target price of HK$3.96 was maintained, corresponding to 0.29 times PB in 2024, maintaining the “increase in holdings” rating. Revenue in 2023 fell 1.2% year on year. The decline was 14.4 percentage points narrower than in 2022 and 0.9 percentage points narrower than the previous three quarters. Other non-interest income increased 29.9% year over year, and the Q4 single quarter surged 159.6% year on year, which was the main supporting factor for revenue. Net profit increased 1.6% year over year, and profitability was generally stable. Looking ahead, considering factors such as repricing, the return on assets may continue to decline, while the cost of debt is relatively rigid, and Minsheng Bank's interest spreads are still under pressure.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment