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MBB [M-PF +9.8%] – Headline metrics come down to earth when normalised

We remain aloof to a perennial favourite banking name among domestic and foreign funds on the basis that 1) still fails to persuade us on strategy going forward after the afterglow of astute treasury dealings in 2012; 2) an equity raising process that has dragged on so long that it is now competing with fresh programs from VCB and highly likely CTG; 3) CAR position slips if one normalises its LDR ratio.