Current valuation unjustified; BUY.

Xxx is the only bank within our coverage that is

trading below its book value. We think the market has paid little attention to this
bank.There islimited downside at the current price, in our view. Going into the second
half, we expect the bank to be cautiously expanding its loan book (low-single-digit
growth expected)with fee income growth boosted by better stock market

sentiment. The asset quality and credit cost outlook are expected to be stable.
Fundamentals aside, being one of theonly two remaining sizeable family -owned local
banks, xxxis the best candidate for M&A target and this has yet to be factored into its
share price. Reinstate coverage with BUY andT arget price of xxx, undemanding
considering its FY18F ROAE of xx

There islimited downside at the current price, in our view. Going into the second half,
we expect the bank to be cautiously expanding its loan book (low -single-digit growth
expected)with fee income growth boosted by better stock market

There is limited downside at the current price, in our view. Going into the second half,
we expect the bank to be cautiously expanding its loan book (low -single-digit growth
expected)with fee income growth boosted by better stock market

There is limited downside at the current price, in our view. Going into the second half,
we expect the bank to be cautiously expanding its loan book (low -single-digit growth
expected)with fee income growth boosted by better stock market