瑞银：上调民生银行评级至“买入” 看好盈利拐点与估值重评

Core Viewpoint - UBS upgraded the rating of Minsheng Bank (600016)(01988) from "Neutral" to "Buy" based on its valuation being at a deep discount, with a projected price-to-book ratio of only 0.22 times for 2026 compared to 0.47 times for CITIC Bank (00998) [1] Group 1: Valuation and Earnings Outlook - The target price for Minsheng Bank was slightly adjusted down from HKD 5.43 to HKD 5.30 [1] - UBS believes that the market is currently pricing in ongoing profit pressure for Minsheng Bank, while the analysis suggests that provisioning risks may have peaked [1] - Earnings are expected to reach a balance in 2026 and turn to positive growth starting in 2027, indicating significant potential for valuation re-rating beyond recent weak equity returns [1] Group 2: Earnings Forecast Adjustments - UBS raised the earnings per share forecast for Minsheng Bank for the years 2026 to 2029 by 5-6% [1] - Due to short-term market volatility, the cost of equity (CoE) was slightly increased to 11.5% [1]