TCS Group - Earnings Outlook Still On Track
TCS (Tinkoff) published 2Q19 IFRS results and held a conference call earlier this week. Though 2Q19 saw some mixed P&L dynamics (high risk costs, subdued fees, strong NII), the bottom line was solid, as Tinkoff still managed over 30% y-o-y earnings growth in 1H19 with over 60% ROE, and it remains on track to meet its reiterated full-year earnings guidance. We tweak our 2019-21 earnings forecasts by +1% per year and retain our BUY recommendation and $27.00 per share target price.TCS Group Holding is a retail banking services group based in the Russian Federation. Co. is principally engaged in providing retail banking services in the Russian Federation through its subsidiaries, primarily Tinkoff Credit Systems. Co., through this subsidiary, fully licensed by the Central Bank of Russia and a member of the Deposit Insurance System, specializes in credit cards. Co. provides online retail financial services through a branchless operating platform. Co. also offers remote access to its financial products and services through its online banking as well as through mobile banking and high-volume call centers.
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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