Halyk Savings Bank: ebb and flow (stays BUY)
We believe that some discount for Halyk Savings Bank is justified against the present backdrop, but the current levels look overblown. In our view, this is a good entry point as the market ebbs. The risks that have fuelled the discount do not seem have come to pass: the macro outlook is stable (except for inflation) and Kazakhstan also seems to be navigating the current geopolitical reality. Our new price target (PT) of USD 12.9/share indicates 35% upside. The bank is trading at 3.2x P/E and 0.7x P/TBV on our 2022E forecasts (and 4.3x P/E and 0.9x P/TBV at target). We believe the stock may yield a decent IRR from current levels, even without rerating, if the bank starts distributing dividends. We maintain our BUY recommendation.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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