Equity Analysis /
Tanzania

TANZANIA BANKS: Keep at arm’s length

    Faith Mwangi
    Faith Mwangi

    Equity Research Analyst, Financials (East Africa)

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    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%.