MING delivered a disappointing start to the year with earnings per ECC 16% below consensus, driven by weaker margins, weaker net financials and somewhat higher loan losses. Costs also came in higher than expected, but was accompanied by higher fee income and as such we look past it. NII declined 10% q/q, while the ROE of 11.3% came in well below the bank's long-term 13% target. Following the report, we lower EPS estimates by 5%/3%/3% for FY26e-FY28e, reflecting weaker margins, slower lending gro ....
