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Daily Credit Briefing

Top Credit Stories Allianz (ALVGR) - Reinsurance agreement improves Solvency ratio by 9pp and 4% annual growth in operating profit is targeted in 2022-24 Credit Agricole (ACAFP) - Provides 10-point social action plan Daimler (DAIGR) - Mer...
UniCredit Sven
Sven Kreitmair @ UniCredit 3 December 2021

Thai:Finance-How much would an HP rate ceiling squeeze Finance coverage profits?

We forecast a Finance (finco & AMC) coverage aggregate 2021 profit of Bt21.4bn, up 11% YoY. KTC, SAWAD, and TIDLOR should set new records for this year—respective YoY bottom-line rises of 9%, 8%, and 32%. We expect BAM to mark a strong profit rebound...
Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 3 December 2021

GCB Bank: Q3 results show strong revenue growth and expanded loan book; Buy

GCB’s Q3 21 results showed 24% yoy growth in its EPS to GHS0.47, higher than the 21% yoy expectation. We maintain our Buy recommendation on GCB with a TP of GHS8.6, translating to an ETR of 65%. Operating efficiency improved as the cost/income ratio ...
Tellimer Research Gbemisola
Gbemisola Ogungbade @ Tellimer Research 2 December 2021

Sberbank: Revisiting the case post J-shaped recovery

Following a year of J-shape business recovery and recent stock volatility, we revisit our view on Sberbank. The capital position and a commitment to progressive dividends demonstrated this year secures a solid 8-10% dividend yield. A firm commitment ...
Alfa Evgeniy
Evgeniy Kipnis @ Alfa 2 December 2021

Covered Bond & Agency Monitor - European supra and agency supply to increase (English version)

Covered bond market telegram: Primary market remained open with strong demand for offered paper, while secondary markets remained constructive with only a slight widening, supported by increased CBPP3 purchases. It looks like the covered bond year wi...
UniCredit Franz
Franz Rudolf @ UniCredit 2 December 2021

MCB Bank (Pakistan): Highest dividend yield on offer

We raise our CY22-23f EPS estimates for MCB by 5% on average as we incorporate higher interest rates. We estimate advances growth of 9%/13% in CY22/23f, with ADR to cross the 40% threshold as the remaining TERF disbursements come in. Our new Dec’22 T...
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 2 December 2021