Banco de Chile's performance is increasingly tied to China's economy and a heated housing market.
After transferring coverage, we are downgrading the economic moat ratings for Banco Santander Chile and Banco de Chile to narrow from wide. This comes on today’s news that Chile’s economy contracted 0.4% in the fourth quarter of 2016 and is likely entering its first recession since 2009. While we still anticipate that Chile’s two largest banks will be able to earn excess returns, we are becoming increasingly concerned that a slowing Chilean economy will damp returns on equity. When it comes to C...
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