Global

Banks in 2020: We favour Egypt and Pakistan

  • Across our emerging market coverage of 91 banks in 20 markets, we forecast 12% median loan growth

  • The sector trades at 1.0x 2020f PB, 5.6x PE and offers 5.2% dividend yield

  • We forecast 16.3% ROE in 2020f, up from 16.1% in 2019f

January 8th, 2020
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

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