"Открытие Капитал": Bank St. Petersburg – downgrading target price on large one-off NPL
12 марта 2012 года
We are reducing our target price for Bank St. Petersburg by 10%, to $3,6/share, while maintaining our Hold rating. Last week it became publicly known that in 2H11 one of Bank St. Petersburg’s larger corporate loans became non-performing, and the bank needs to generate loan-loss provisions amounting to RUB4bn ($136m) during the period 4Q11-2Q12. We adjust our model, allocating the additional provision charge over three quarters. This renders our net income forecasts lower by 11% for 2011E and by 30% for 2012E, and drives our target price downgrade.
- PDF 269 КБ