Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Un PNB en hausse de 10,5% à MAD 2,2 Md; Un coût du risque en hausse de 3,8x à M MAD 219 ; Un RNPG en progression de 4,4% à M MAD 455 ; Et, proposition de distribuer un DPA de MAD 14 (contre MAD 16 en 2017, dont MAD 2 exceptionnel).
The valuation of CIH BANK at a target price of MAD 290 induces a high target P/E of 25.9x the profits in 2017 and of 19.2x the forecasted results in 2018 (vs. 18.7x in 2017E and 17.8x in 2018 E for the sector). Hence, we are changing our recommendation from accumulate to reduce the stock in portfolios awaiting the positive impacts of its development program.
Summary : La valorisation de CIH BANK à un cours cible de MAD 290 induit un P/E cible élevé de 25,9x les bénéfices en 2017E et de 19,2x les résultats prévisionnels 2018 (vs. 18,7x en 2017E et 17,8x en 2018E pour le secteur). De ce fait, nous revoyons notre recommandation d’accumuler à alléger le titre dans les portefeuilles dans l’attente des retombées positives de son programme de développement.
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
In FY 2014, CIH Bank released a net result down by 6.4% to MAD482M, yoy. Given the securitization of MAD1.200M, combined with the decline in lending rates in 2014, CIH Bank saw its net interest drop by 1.2% to MAD1.397bn. The bank's cost-income ratio worsened from 56.4% in 2013 to 59.5% in 2014. The bank continues to enjoy a favorable Tier 1 ratio, above the standards of Bank Al Maghrib, which exceeds 15%.
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