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SAMPATH BANK: Expanding into high growth areas

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Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics

http://research.srilankaequity.com/t893-sampath-bank-expanding-into-high-growth-areas

Third Largest Private Commercial Bank offers good value on 1.0X PBV. The share offers good value trading on book value whilst at 7.5x 2014E net profit and 6.5x 2015 Earnings. At present SAMP accounts for approximately 7.4% of the market share among commercial banks in Sri Lanka with a total asset base of LKR387.6 bn and a branch network of 213. Furthermore the Bank is well renowned for the introduction of innovative practices to the banking industry. SAMP has been able to grow its core banking earnings at a CAGR of c.20% over the last decade. However in 2013 Sampath witnessed a notable decline in bottom line due to impairments as a result of the decline in global gold prices (in 2012 bank had a 25% exposure to pawning).

However gold prices have been stable during 2014 and also the bank has been able to reduce the pawning exposure to 17% by 1Q14. In addition we expect a 38% dividend payout for 2014E and 2015E generating a dividend yield of of 5.1% and 6.2% respectively. As per our previous banking update (17th June 2014), a price upside of 24% was forecasted when the price was at LKR190.9. Since then the price moved north to record a gain of 8.7% as of today.

We believe there is further 15% upside and we recommend maintain BUY.

Courtesy - Softlogic Stockbrokers

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