"Открытие Капитал": Bank St. Petersburg – 4Q11 fails to alleviate concerns; outlook remains nebulous // ДЕРЖАТЬ
27 марта 2012 года
We have marginally reduced our target price from $3.6/share to $3.5/share, maintaining our HOLD rating. 4Q11 results were somewhat weaker than expected, and while management’s outlook for 2012 was fairly benign, it remains unclear how BSPB will combat the competitive pressures it faces in its core market. In addition, 1H12 is unlikely to surprise on the positive, as both NIM pressure and a recently highlighted one-off credit event will depress the bottom line. We see fundamental upside potential in the stock, but no near-term positive catalysts.
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