Bank of America Securities cut Minsheng Bank's 2024-2025 earnings estimate by 6 to 11%.
The Zhitong Finance App learned that Bank of America Securities released a research report stating that it reaffirmed Minsheng Bank's (01988) “outperforming the market” rating, lowered the 2024-2025 earnings estimate by 6 to 11%, lowered the share capital cost by 100 basis points, and lowered the target price by 3% to HK$2.82.
The bank said that Minsheng Bank's performance last year was in line with expectations. Net profit rose 1.6% to RMB 35.8 billion, and profit before provision fell 2.3%, which is about 1% lower than market and Bank of America forecasts. The return on equity fell 0.2 percentage points to 6.1% last year. The common equity Tier 1 capital ratio increased by 11 basis points to 9.28%. The dividend payout ratio remains at 30%.