Increasing China Merchants Bank’s FVE to Reflect Higher Loan Growth Assumption, Time Value of Money
Narrow-moat China Merchants Bank reported net profit growth of 14.8% in its 2018 preliminary results, slightly above our expectation of 13% growth. Given the lack of detail, we suspect this was primarily attributable to its higher-than-expected growth in net interest income due to accelerating loan growth and lower funding costs, boosted by the central bank’s liquidity injection. To reflect our assumption for higher interest-earning assets growth in the near term and an increase in the time valu...
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