UBS upgrades CMBC rating to "Buy," optimistic about profit inflection point and valuation reassessment
UBS upgraded the rating of MINSHENG BANK from "Neutral" to "Buy," believing that its valuation is at a deep discount, with an expected price-to-book ratio of 0.22 times in 2026, and profits may see a turning point starting in 2026. UBS analysis suggests that provisioning risks have peaked, with profits expected to reach equilibrium in 2026 and turn to positive growth starting in 2027. The target price was slightly adjusted down from 5.43 yuan to 5.3 yuan