Halyk Bank - Closing Outperform Trade Idea
We are closing the trade idea that we opened on May 27 to be long Halyk Bank. Since opening this trade idea, the stock has returned 27% in dollar terms compared to, for example, an 18% increase for Sberbank and 6% for the RTS Index. WHY WE ARE CLOSING THE TRADE IDEA NOWOur thinking was that Halyk Bank would outperform its regional peers on the back of a good set of 1Q20 IFRS results, a cautiously positive outlook from the management and a potentially upbeat message on the 2019 dividends. This played out on all three fronts. Halyk Bank's share price has had a very strong run over the past week or so and the stock has rerated to a 2021E P/E of 4.5, from 3.5 when we opened the trade idea. This is still not expensive, and we remain positive on the stock as a long-term investment, but we think it is an opportune time to close this near-term outperform call.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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