toggle icon
logo text
logo symbol
toggle icon
Back

CTG [O-PF +14.8%] - Moderate growth amid banking sector revamp - Update

Company Research

01 Dec 2016

We lowered our target price by 1.2% due to lower NIMs and loan growth expectation. However, we issue an OUTPERFORM rating despite the lower TP due to recent price declines. We expect moderate FY16 NPAT growth of 16.6% due to 22.7% growth of provision expense. Lower NPAT growth of 11.4% in 2017 as continued deposit push and reversal of interest income after the merger with PGBank is expected to reduce NIM by 19bps. At 2017 P/B of 0.9x, we view that CTG as trading below fair value.
Tags: CTG

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

/trung-tam-phan-tich