Equity Analysis /

TANZANIA BANKS: Keep at arm’s length

    Faith Mwangi
    Faith Mwangi

    Equity Research Analyst, Financials (East Africa)

    Tellimer Research
    26 February 2018
    Published byTellimer Research
    In this report we revisit the investment case for our Tanzania banks. We retain NMB as a HOLD, with our target price of TZS2,440 (from TZS2,486) suggesting an ETR of -8%. We reiterate our SELL recommendation on CRDB with our new target price of TZS155 (previously TZS141) suggesting an ETR of -17%.