"Открытие Капитал": Bank St. Petersburg: Poor 1Q12: downgraded from a HOLD to a SELL
9 июня 2012 года
We downgrade our rating on Bank St. Petersburg from a HOLD to a SELL, with a new target price of $1.9/share (down from $3.5/share), on the back of dismal 1Q12 results and a discomforting outlook from management. High funding costs leading to compressed NIM, ongoing asset quality issues, constrained capital adequacy, and continued loss of market share in the core St. Petersburg market, are all likely to be persistent issues during the coming quarters, with no easy solutions in sight. We see profitability only recovering towards 4Q12, with no positive news likely before that time.
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