TPB [OUTPERFORM +19.5%] - NFI continues to chime; lending facing funding pressure - Update
  • 2019-03-15T17:27:36
  • Company Research
We increase our target price (TP) by 3.7% mainly due to 4.2%/8.0%/5.5% upward projections in our earnings for 2019/2020/2021 and a 1.8% higher forecast for 2019 total equity. We maintain our rating at OUTPERFORM. Our earnings forecast increases are entirely due to an average 25% upward revision in NFI and an average 29% downward projection for provision expenses during 2019F-2021F. Our expectations for higher retail fee income and clearance of VAMC debt in 2019 drive the above revisions.