SHB missed on core income lines, and though it continued to progress well on costs in the quarter – the market sent the share down ~9% as headline EPS came in 11%/7% below estimates. Given that the expectation for loan losses is well below previous years, while the total provision rate continued to decline to 0.05% (no judgement buffer on top of this) – we remain a bit cautious for now considering that the bank trades at an ARCe ’26 P/E of 10x. In sum, we end up revising our FY25 EPS by 3% and F ....
