WOOD Flash – Halyk Savings Bank: 2Q23 results on track
Halyk Bank has reported KZT 177bn in 2Q23 net income, in line with both the KZT 171bn consensus collected by the bank and our KZT 178bn estimate. We see Halyk as on track to deliver on its >KZT 700bn net income guidance (KZT 365bn net income in 1H23). We also believe that the 2H23E margin can pick up without the accelerated amortisation of the State aid. The bank is trading at 2.5x P/E and 0.8x P/TBV, on our 2023E estimates. In our view, Halyk is mispriced, and we rate it a BUY. The conference call will be held at 14:00 tomorrow (17 August).
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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