"Открытие Капитал": Halyk Bank – 4Q11 points to turnaround in loan growth // ПОКУПАТЬ
4 апреля 2012 года
We upgrade our target price on Halyk Bank from $8/GDR to $9/GDR, and our rating from Hold to Buy. The 4Q11 IFRS results showed that Halyk is turning the corner in terms of loan growth and provisioning. Management gave a moderately positive outlook on 2012, which in our view may be on the conservative side as it concerns loan growth. Some of the long-awaited policy decisions aimed at NPL relief were enacted in February 2012, and will have a positive impact in the medium term. Overall, this is in line with our view on the bank, and we adjust our model only marginally. Our target price goes up 13% mostly on the back of a lower risk-free rate and higher peer multiples. Nevertheless, we highlight the turning point in loan growth—this is the catalyst for the stock for 2012, in our view.
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