TCS Group - Fit to Navigate Regulatory Moves
The CBR has mildly watered down its proposed tightening of consumer lending, while it now looks as if the rollout of PTI thresholds will be delayed to 2020 at the earliest. We think TCS (Tinkoff) can navigate its way through the latest CBR proposals and, as a relatively profitable and well-capitalized incumbent, will ultimately benefit from a less risky sector in the long term. Elsewhere, recent news flow has been positive, led by a P2P payments tie-up with Sberbank. We raise our 2019-21 EPS estimates by 1-3% and keep our BUY recommendation and target price of $26.00 per share.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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