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STB [MARKETPERFORM -1.2%] - Restructuring continues to be a long-term project - Update

We downgrade our TP by 11.8% with MARKETPERFORM rating for STB, total downside is 1.2% as resolved legacy assets were yet to be reflected in Q1 2018’s total figures. NIM increased by 64 bps Y-o-Y to 2.1% in Q1 2018, but this level is still low compared to both our SOCB and private banks groups at 2.8% and 3.5%, respectively due to high funding costs. Reported NPL ratio in Q1 2018 was 4.0%.