Global

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

Contributors
January 24th, 2022
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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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