China Minsheng Bank's Asset Quality Remains our Concern
Following no-moat China Minsheng Bank Corp's fourth-quarter preliminary results, we reduced our fair value estimate to CNY 5.50 from CNY 5.90 per share for its A shares, and HKD 6 from HKD 6.50 per share for H shares, as we increase our credit costs assumption in the near term to factor in higher credit quality risks for the bank. The bank’s H shares are fairly valued, trading at 0.57 times 2018 price/book value with 11% net assets growth in 2018. The bank is trading at the low end of the valuat...CHINA MINSHENG BANKING CORP., LTD. (the Bank) is a China-based financial institution principally engaged in corporate banking, personal banking, capital business and other business. The Bank operates its business mainly in North China, East China, South China and other areas in China.
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