Outperforms peers in terms of revenue growth
- 9M23 net profit to shareholders increased by 1.6% y-o-y to Rmb175bn, in line with market expectations
- NIM dropped 13bps to 1.64%, supported by higher exposure to foreign currency assets; better than peers
- Asset quality on an improving trend, with NPL ratio dropping 5bps YTD to 1.27%
- Reiterate BUY with TP revised down to HK$3.7 with negatives largely in price and attractive dividend yield of >10%
