Banking - In-depth - [NEUTRAL] - Focus will win

Banking Sector Profit Outlook 2026-2027: Profit growth in 1H26 recorded moderate growth. In 2H26, profit growth could maintain double-digit levels. For 2026F, while double-digit growth remains intact, the pace is expected to fall slightly short of the bank's 16% guidance, before maintaining its solid double-digit momentum into 2027F. Attractive Valuation: Current P/B at 1.52x is lower than the 5-year historical P/B at 1.7x, attractive for long-term investment accumulation