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MBB [BUY +45.0%] - Highly viable growth drivers: life and consumer finance - Update

We reiterate our BUY rating and raise our TP by 3%, offering a total return of 45.0%. We maintain our positive outlook on NIM expansion as (1) a higher portion of retail lending can continue driving up yields and (2) a strong CASA ratio helps stabilize funding costs. Management has emphasized strong efforts to boost fee-generating income streams with NFI growing 35.5% Y-o-Y in Q1 2018.