toggle icon
logo text
logo symbol
toggle icon
Back

CTG - Lackluster results; bottom line growth saved by lower provisions - Earnings Flash

Company Research

31 Oct 2017

Summary – CTG released results for Q3 2017 with 9M net income fulfilling 98% of our forecast. Despite contracted NIMs, a provisions buffer allowed a 35% Q-o-Q reduction in provision expense, leading to 4% profit growth from Q2 2017. Most metrics underwhelm on a Y-o-Y and Q-o-Q basis with respect to peers, but are in line with our forecasts. While earnings performance was underwhelming, the investment case is dependent largely on valuation and corporate franchise strength.

Contact us for a research access: (+84) 2 8888 2 6868

/trung-tam-phan-tich