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28 Oct 2010
| De: liliana2 - 13:54 hs. |
Miembro desde: 03 Ago 2008 |
BUY Intergroup expect 16% growth in EPS Bottom line jumps Intergroup is expected to report 3Q10 results on Tuesday 2 of November. We expect net profit of S/. 171.3 millions (S/. 1.88/share) in 3Q10, up 15.5% YoY and up 38.9% QoQ, driven by a strong growth of top line as well as a higher investment gains. Total loan growth in 3Q10 is expected to reach 19.5% YoY (+6.0% QoQ). However, net interest margin should continue its declining trend, due to both slightly lower average interest rates and rising funding costs. We forecast NIM to reach an annualized 11.2% in 3Q10, 140bps below the level seen in 3Q09 and 40bps below 2Q10''s NIM. As a result, revenues stemming from interests and commissions on loans should climb 9.0% YoY to S/. 402.9mn. Total financial expenses should grow by +4.7% QoQ, due to the larger loan portfolio as well as the aforementioned increase in funding costs. Stable provisions Despite of the strong Peruvian economy, which could allow for lower risky levels on Interbank´s loan book, we expect a "Provision Exp/Avg. Loans" ratio of 0.9%, similar to last quarter. Penetration of higher risk segments is likely to continue putting pressure on risk levels, countering the more benign economic environment. Thus we believe that this level of default will continue until the end of the year. Strong expansion in the insurance business We expect the Interseguro operation to report lower technical results as a stunning 140% QoQ increase in premium should be offset by a strong increase in reserves. However, trading gains should shadow this effect, boosting the insurance''s bottom line BUY reaffirmed We reiterate our BUY rating on Intergroup. Our long-term growth prospects for the group and the Peruvian credit market remain unchanged, and we believe Intergroup''s strong position in the retail segment should be a key element to take advantage of this growth potential. At current price levels, Intergroup trades at P/B of 3.5x and 3.0x on 2011 and 2012 estimates, respectively, with a strong ROAE levels of 28% in 2010 and 27% in 2011.
 25 May 2011
| De: manuelsal - 23:30 hs. |
Miembro desde: 10 Oct 2007 |
Estimda liliana---todavia recomendaría comprar esta acción---------------------------------
-que es matriz de 2 grandes empresas en el Perú.-------por favor podría------dar sus comentarios--slds M.Sal.
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