MCBG | Proving its mettle
MCBG's H1 '19 results were impressive with EPS increasing 17.7% yoy and net loans increasing 12.2% for the 6M to Dec ‘18. We expected robust growth however, the results were better than we expected. Therefore, we have increased our earnings and loan growth forecasts. Management continues to demonstrate its quality by delivering on growth objectives after a period of limited growth. The Group has grown its tangible NAV at a CAGR of 11.3% since FY '12 and trades at an attractive P/B multiple of 1.2x. Therefore, we maintain our favourable view on the Group given the expectation of strong FY ‘19f EPS growth (18.7%) and a sustainable ROE of 14.0%.
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