Changes and implications
We introduce our interim estimates for FY16 to FY18 (see Exhibit 1), and slightly revise our estimates on a more favorable interest rate outlook. We do not view these changes as material, and there is no change to our investment thesis, rating or price target.
Valuation
Our 12-month RIM-based target price remains HK$5.40. Key risks: worsethan-expected NPLs and lower interest rate.
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