MBB [O-PF +17.0%] - Transformation improved NIM but high growth yet to be realized - Update
  • 09 Dec 2016
  • Company Research
We slightly lower our target price by 0.5% due to a higher deposit growth forecast for 2017 and 2018. We issue an OUTPERFORM rating despite the lower TP due to recent price declines. Projected 11.8% NPAT growth in FY16 is driven mainly by 29.9% decline of