Model update – No fracture in trends in Q3
We raise our June-25 TP to 24,800 HUF/sh from 23,000 HUF/sh and remain Buy rated on thestock, implying 36% TR upside potential including dividends. OTP is seen to pay out 25% of
2024 profit next year, translating into a DPS of 927 HUF/sh (DivY of 4.9%). Besides this, OTP
has been running its 2nd tranche of HUF 60 bn SBB program this year, which will likely support
the further appreciation of the stock into year-end.
OTP Bank is a financial institution based in Hungary. Co. is engaged in retail banking (account management, bankcards and Electronic sevices - OTPdirekt) corporate banking and private banking. In Hungary traditional banking operations are performed by Co. while specialized services, including car leasing, investment funds and insurance are developed and offered by Co.'s subsidiaries. Co. expands its operations throughout the region via its foreign subsidiaries. As of Dec 31 2011, Co. had total assets of HUF10,200,527,000,000 and deposits of HUF6,398,853,000,000.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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