NPLs up 16% yoy with further weakening expected in 2020. Investors likely to continue punishing the stock
Operating expenses grew 1% yoy, which is expected to be maintained on the withdrawal from the expansion strategy
Despite cheap multiples, we reiterate our Hold rating given the negative outlook
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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").
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