National Bank of Kuwait

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Capital Investments- Monday, February 11, 2019

We initiate our coverage on National Bank of Kuwait (NBK) with Accumulate and a 12-month target price (TP) of KWD 0.974 per share. Our TP implies a P/e’19e of 15.0x and a P/b’19e of 1.59x, which we believe is justified given the bank’s improving profitability and strong efficiency, adequate capital strength and asset quality metrics comparable to other dominant banking franchises in the GCC. We think NBK can deliver steady profitability improvement through loan-book growth as well as net interest margin (NIM) improvement, reaching a 14.9% return on average tangible common equity (ROTCE) in 2019 from 14.4% in 2018.

Country : Regional Report Type : Special Edition Report Date : Monday, February 11, 2019 Provided by : Capital Investments Report Size : 668 View research

Country :

Regional

Report Type :

Special Edition

Report Date :

Monday, February 11, 2019

Provided by :

Capital Investments

Report Size :

668

View research

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