3Q23 preview: Further NIM upside
- Revise up FY23/24F NIM by 3/11bps to 1.72%/1.69% with expectation of higher-for-longer interest rates
- ECL charges might also be higher for 2H23F following higher uncertainties in China CRE sector
- Expect ROTE to be on track to meet mid-teen target in FY23-25F with attractive dividend yield of >8%
- Reiterate BUY with TP unchanged at HK$71.7
