12/11/2007 14:38
“Following the results from Bank of Cyprus, share prices of the Greek banks were weak on Friday and continue being weak today”, Deutsche Bank said in its report on Monday. “We think that it creates strong buy opportunities”, it added.
DB supports that Bank of Cyprus published disappointing results due to a drop in NIM QoQ.
“The environment in Greece remains very strong with loan growth of 21% and margins remain high in European context (100 bps on mortgage, 600 bps on consumer, 280 bps on SME and 130 bps on large corporate). Greek banks remain a safe haven in Europe with no CDOs exposure, no liquidity problem and a plain vanilla retail business model”, it announced.
“Our top pick in Greece remains Piraeus (buy, TP of Euro 36). We would like also to highlight Marfin Popular BAnk (Buy, TP of Euro 13) as the stock has been weak on the back of BOC results and there is a catalyst event on November 27th as Marfin will update its 3-year business plan. We also expect that share price will be supported by Dubai (which is expected to increase its stake from 20% to 30%)”, it concluded.
DB supports that Bank of Cyprus published disappointing results due to a drop in NIM QoQ.
“The environment in Greece remains very strong with loan growth of 21% and margins remain high in European context (100 bps on mortgage, 600 bps on consumer, 280 bps on SME and 130 bps on large corporate). Greek banks remain a safe haven in Europe with no CDOs exposure, no liquidity problem and a plain vanilla retail business model”, it announced.
“Our top pick in Greece remains Piraeus (buy, TP of Euro 36). We would like also to highlight Marfin Popular BAnk (Buy, TP of Euro 13) as the stock has been weak on the back of BOC results and there is a catalyst event on November 27th as Marfin will update its 3-year business plan. We also expect that share price will be supported by Dubai (which is expected to increase its stake from 20% to 30%)”, it concluded.
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