Pleasingly, ING’s FY21 earnings guidance was ahead of consensus expectations following an improvement in trading conditions as the impact of COVID restrictions ease and operating efficiencies are increasing group margins. NPAT will be further assisted by an R&D tax credit. We have upgraded our forecasts. We forecast ING to report a strong earnings recovery over the forecast period. We think ING’s fundamentals are attractive (FY22F PE of 11.6x and dividend yield of 5.1% ff). We maintain an Add rating with a new target price of A$4.27.
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