Five emerging market banks that could benefit from investors' greater value bias

  • EM banks should benefit from a growth-to-value shift; relative to market, the sector is still below pre-pandemic levels

  • We feature five high-yielders with sustainable cash payouts. The median valuation is 4x 2022 PE and 0.8x PB for 14% ROE

  • We also flag five banks that could suffer from any intra-sector growth-to-value transfer, with median 18x PE and 3.9x PB

January 24th, 2022
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