Comprehensive services offering is a big advantage
- Expect asset quality to improve as property related risk is now largely digested
- Key advantage in comprehensive services capability will underpin rapid growth in retail and corporate banking
- Expect 19% earnings CAGR in FY22-24F and ROE improving to 12-13% in FY23-24F
- Reinstate coverage with BUY and TP of Rmb 21.1