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MBB [BUY +40.2%] - MBB walks the walk on MCredit/Ageas growth guidance - Update

We reiterate our BUY rating on MBB with TP lowered by 6% due to higher cost of equity, offering a total return of 40.2%, including dividend yield. H1 2018’s NIM stood at 4.5%, surpassing our previous forecast. If MBB can maintain its NIM at 4.5% for FY2018 (+30 bps YoY), we do not see downward pressure on our NII forecast despite loan growth being revised down to 15%, in line with the SBV’s quota.