Report
Jaap Meijer
EUR 115.26 For Business Accounts Only

What’s next – (4Dec– 10 Dec 2016) Commercial International Bank

ï‚· Though a P/tNAV16e of 3.7x may look expensive, we still see

30%+ upside, on underestimated NIM and CoR flex.

 CIB’s balance sheet is underleveraged and increasing

T-bills/bonds and reducing cash balances (now at 25.9% of

assets, up 8.7 ppt YtD) could lift NIMs by over 100bps, while it

is also a beneficiary of the 300bps MPR hike, boosting NIMs

by a further 30bps.​

Provider
Arqaam Capital
Arqaam Capital

Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for frontier and emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target frontier and emerging markets. Arqaam Capital is headquartered in the Dubai International Financial Centre (DIFC), with additional offices in Libya, Lebanon, Egypt, and South Africa. 

Arqaam Capital's research platform provides the largest coverage footprint of MENA equities and one of the largest on the African continent with a total of 300 stocks under coverage. Arqaam Capital is ranked as one of the leading research providers in the region - a reflection of its broad coverage universe, its in-depth and high quality research, as well the compelling investment ideas that the team generates. The analysts closely analyze their sectors and issue in-depth company and sector research while the strategy team connects the micro with the macro, focusing on index analysis, macroeconomics and strategy research. 

Analysts
Jaap Meijer

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