WOOD Flash – Isbank/Yapi Kredi: 2021E targets – our take
Yapi Kredi and Isbank announced their 2021E operating plans on Friday (8 January). We are neutral on these 2021E targets. Yapi Kredi and Isbank – similar to the Akbank and Garanti duo – varied in their 2021E NIM contraction estimates, which we elaborate on in this flash note. We rate both Yapi Kredi and Isbank as BUYs. Yapi Kredi is trading at 4.0x P/E and 0.5x P/TBV, on our 2021E numbers. Our 2021E multiples for Isbank are 3.0x P/E and 0.4x P/TBV.Turkiye Is Bankasi is a commercial banking group based in Turkey Co. is engaged in the provision of private, retail, commercial and corporate banking, money market and securities market operations as well as international banking services. Co. provides services to corporations, SMEs and other trading companies (excluding real trading persons) within the course of its corporate and commercial operations. Co. is organized into two main business segments: Banking segment, which includes corporate, retail and private banking, as well as treasury; and non-banking operations, which are followed according to insurance, ‘investment and finance' and ‘manufacturing and trading' segments.
Yapi Ve Kredi Bankasi is a financial services group. Co. serves its customers through its retail banking segment comprising of individual banking, Small and Medium Size Enterprises banking and card payment systems, corporate and commercial banking as well as private banking and wealth management segments. Co.'s operations are supported by domestic subsidiaries in asset management, brokerage, leasing and factoring as well as international banking subsidiaries in the Netherlands, Russia and Azerbaijan. As of Dec 31 2014, Co. had total assets of TL194.96 billion and total deposits of TL107.63 billion.
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