HALKB - Halkbank

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Þirket Raporu: Halkbank (Ýþ Yatýrým)


Kredi spredlerindeki geçtiðimiz iki yýla göre toparlanma ve güçlü karlýlýk ile hedef fiyatýmýzý bir miktar arttýrýyoruz. Kredi spredlerindeki geçtiðimiz iki yýl ortalamalarýna göre toparlanma TÜFEX harici çekirdek marjýn da doðru yolda ilerlediðini gösteriyor. TÜFEX'ten elde edilen çok kuvvetli gelirlerde geçtðimiz yýlda zayýflayana karþýlýk giderlerinin güçlendirilmesinde kullanýlýyor ki bu politikanýn doðru bir yaklaþým olduðunu düþünüyoruz. Banka için tahminlerimizi yukarý yönlü güncellerken hedef piyasa deðerimizi de hisse baþýna TL 10.2 seviyesine çýkarýyoruz. Halkbank için TUT tavsiyemiz devam ediyor.

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HALKB TI: 3Q22 Review (Oyak Yatýrým)



Top-line grows; ROE rises

Core revenues expand; fees strong
Halkbank posted 3Q22 net income of TL4,304mn (+67% q/q, +4570% y/y), slightly above both market consensus (TL4,046mn); yet in line with our estimate (TL4,163mn). Core revenues (NII + fees) grew %81 q/q on higher CPI-linker income and strong fees, despite contracted core spread (-33bp q/q, OYAKe: -32bp) on higher deposit costs. Fees rose 115% y/y thanks to growing loans, payment system contribution and dissipating regulatory pressures, while opex expanded above headline inflation by 110%. Net total CoR rose to 796bp this quarter (2Q: 452bp) on intact asset quality and increase in provisions for all loan stages across the board. Reported ROE hiked to 24.2% in 3Q from 15.8% in 2Q and 0.9% a year ago. We expect 4Q to be strong for Halkbank as the bank has room to expand its securities yield further through high CPI.

NIM widens on higher linker yields; loans grow further
TL spread remained flat q/q (OYAKe: +27bp), while FX spread went down 1ppt q/q. Reflecting this and higher CPI revenues, NIM expanded 3.6ppt q/q (OYAKe: +3.7ppt). Halkbank increased its CPI expectation for December to 60% from 40% in 2Q. Halkbank gained market share in TL loans and TL deposits in 3Q. TL loans grew 14.7% q/q vs +12.3% for state banks (SBs), while TL deposits expanded 32.2% q/q vs +22.8% for SBs. On FX (USD) side, loans went down 5.5% q/q vs -4.5% for SBs, deposits came down 0.2% vs +5.9% for SBs.

Asset quality appears good; further provisions are set aside
NPL ratio went down to 2.6% (-21bp q/q) and the ratio of stage 2 to total loans dropped to 7.4% in 3Q from 8.8% in 2Q. Stage 2 coverage rose to 32.0% in 3Q from 22.4% in 2Q. NPL coverage, on the other hand, rose to 79% (+6 ppt q/q).
FY22-23E earnings and MP rating maintained

We foresee Halkbank's 2022E earnings to grow to TL17bn from TL1.5bn, while contracting by 18% in 2023 to TL14bn, assuming that inflation retreats and linker yields drop in 2023. Halkbank trades attractively at 23E P/BV of 0.5x and 3.2x P/E, while 23E ROE stands at 16%.

We maintain our Marketperform rating for the stock with a TP of TL10.27 per share.

[666]

Adamlar bir ton birseyler yazmis.. bir tek en son satirini anlayabildim. Muahahahaha.

[666]

8.86 ile tavanda su anda eslesme.

[666]

Kefal gibi atlayip laf sokan da yok. Muahahaha.

[berkimcans]

HALKB günlük, BofA nýn sabah ki satýþlarý bitti görünüyor þimdilik, en iyi satýcýdan pozitife geçmiþ,

[berkimcans]

HALKB bugün de 8.86 fiyat üzeri kaparsa iyi olacak, 60 dk lýkta da SAT dan AL a dönüyor,

[berkimcans]

Halkbank'ýn 2022 yýlý 9 aylýk konsolide olmayan net karý 8.904.706.000 tl (2021/9 aylýk: 215.142.000 tl)

Halkbank'ýn 2022 yýlý 9 aylýk konsolide net karý 9.120.173.000 tl (2021/9 aylýk: 428.773.000 tl)