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<Research>UBS Upgrades MINSHENG BANK (01988.HK) to Buy, Optimistic on Earnings Inflection/ Valuation Re-rating
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UBS released a research report upgrading MINSHENG BANK (01988.HK) from Neutral to Buy, based on its deep discount valuation, a projected 2026 PB ratio of only 0.22x (compared to CITIC BANK (00998.HK)'s 0.47x), and benefit from revenue improvement and substantial balance sheet risk release, with earnings likely to reach a turning point starting in 2026. With earnings expected to break even in 2026 and turn to positive growth from 2027, UBS saw potential for valuation re-rating to exceed recent weaknesses in return on equity. The broker raised its 2026-2029 EPS forecasts by 5-6%, while slightly increasing the cost of equity (CoE) to 11.5% due to short-term market volatility. UBS slightly cut its target price from $5.43 to $5.3. AASTOCKS Financial News Website: www.aastocks.com |
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