Reports
- 02.08.11
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Liberty Bank. Bulking up on assets
Liberty Bank regained steam in 2Q11 both in terms of asset growth and net interest income generation after a fairly calm 1Q11. The bank posted US$ 1.4mn in 2Q net income, implying annualized ROE of 18.6%. The strong 1H11 balance sheet and net interest income growth will lead us to upgrade of our full-year 2011 projections. We maintain our BUY recommendation on the stock, which currently trades at a P/B (2011E) of 1.5x, an attractive ratio given the bank’s strong growth prospects. - 18.05.11
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Liberty Bank. Positive 1Q11 results, share sale boosts capital
Liberty Bank, Georgia’s 5th largest lender by assets, reported solid 1Q11 results, boosting net income 81% q/q on cuts in loan provisioning. The bank continues to rebalance its asset structure in favour of loans which should support margins through 2011. Balance sheet-wise, the bank outperformed the sector to gain 0.5ppts q/q in market share by assets to 5.6%. A recent share sale takes the bank’s BIS Tier-1 close to 8% (vs. 4.7% at end-2010), showing that the bank is making progress in meeting the central bank’s capital requirements deadline of September 2012... - 19.04.11
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Bank of Georgia. 1Q11 results overview
Bank of Georgia yesterday released 1Q11 financials, showing a 24% q/q earnings gain to US$ 18mn and ROE of 17.7%, close to the bank’s strategic 20%+ target. Robust revenue growth and strict cost control all bode well for profitability, especially as loan quality continues to improve against a favourable macroeconomic background. On the downside, excess liquidity impacted the NIM last quarter, and maintaining the margin looks to be the main challenge now. Management has already moved to reduce funding costs, today announcing a buyback tender for its outstanding Eurobond... - 29.03.11
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Liberty Bank Initiating Coverage. Start Low, Aim High
New ownership and a revamped business model are already yielding tangible results for Liberty Bank, which supports our view that the bank is a play on strong growth potential. The stock also offers exposure to Georgia's underpenetrated financial sector, now gearing up for a post-crisis rebound. We initiate coverage of Georgia's 5th largest bank and the operator of the country's largest retail network with a BUY recommendation and 42% upside to our 12M TP of US$ 0.025/share... - 23.02.11
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Georgian Railway. Riding the right rails
Having geared into the Caucasus region's post-crisis recovery Georgian Railway posted first-rate 2010 results headlined by good growth. Cargo transport volumes surged 17% y/y, driving revenue up 18% and EBITDA up 72%. We see the growth extending into 2011 as the carrier is well-positioned to tap into stronger regional transit demand. As before, the company's liquidity and solvency positions remain solid...
