摩根士丹利 - 西太平洋银行：亚太地区：2026年上半年业绩稳健，信贷质量良好，但2026年第4季度利润率疲弱

Small miss on revenue, weak 4Q26 margin: Revenue rose ~1% h-o-h, ~1% below MSe and consensus. Loans (ex RAMs) grew ~3% h-o-h, broadly in line. The 'core' margin fell 3bp h-o-h to 1.75% (MS: 1.77%; cons 1.76%), implying -5bp q-o-q to 1.73% in 4Q26 (vs MSe: 1.76%); liquids was likely a headwind, but WBC did not disclose an exit margin or 1H27 guidance. Costs were ~1% better than MSe and up just ~1% y-o-y in FY26; WBC targets >A$600m of productivity benefits in FY27 (FY26: A$581m) and expects cost growth to be "similar", with a plan to structurally lower the cost base. Credit quality and capital were solid: loan losses of A$421m included an underlying charge of ~10bp and a net CP release of ~1bp, stressed exposures were stable (1.17%), and the CET1 ratio of ~12.5% was ~15bp above MSe, including a +9bp benefit from data refinement. Profit ex notables was flat h-o-h and in line with consensus. We rate WBC Underweight with a A$30.00 price target, implying ~19% downside.