CIB
COMI
COMI
HSBC has maintained its fair value estimate for Commercial International Bank (CIB) – Egypt, the country’s biggest listed private bank, at EGP 51 per share, with a Neutral recommendation.
Earlier in November, EFG-Hermes set CIB’s fair value estimate at EGP 55.26 per share, placing a Buy recommendation on the stock.
HSBC expects the bank to post a rise in profit to EGP 3.25 billion in FY14 and to EGP 3.9 billion FY15 and EGP 4.6 billion in FY16.
CIB had reported 20.5% growth in net profit for the first nine months of FY14 to EGP 2.710 billion, compared with EGP 2.249 billion in the same period a year earlier.
HSBC also warned against a cut in fair value in case of depreciation in the bank’s asset quality and shrinking of credit growth.
Earlier in November, EFG-Hermes set CIB’s fair value estimate at EGP 55.26 per share, placing a Buy recommendation on the stock.
HSBC expects the bank to post a rise in profit to EGP 3.25 billion in FY14 and to EGP 3.9 billion FY15 and EGP 4.6 billion in FY16.
CIB had reported 20.5% growth in net profit for the first nine months of FY14 to EGP 2.710 billion, compared with EGP 2.249 billion in the same period a year earlier.
HSBC also warned against a cut in fair value in case of depreciation in the bank’s asset quality and shrinking of credit growth.
Source:
Mubasher
