The group released its Q3 results, reiterated its capital action plan and presented a standalone three-year business plan. We see the business plan exercise as interesting from a valuation angle while we do not expect it to remain standalone. However, we note the major uncertainty, which concerns the residual losses on past dues and unlikely to pay loans and untransferred bad loans, remains in its entirety, especially since the group does not provide forecasts for 2017. In our view, this cont
25 Oct 2016
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- Published:
25 Oct 2016 -
Author:
David Grinsztajn -
Pages:
3
The group released its Q3 results, reiterated its capital action plan and presented a standalone three-year business plan. We see the business plan exercise as interesting from a valuation angle while we do not expect it to remain standalone. However, we note the major uncertainty, which concerns the residual losses on past dues and unlikely to pay loans and untransferred bad loans, remains in its entirety, especially since the group does not provide forecasts for 2017. In our view, this cont