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Bank Dhofar SAOG
Capital Investments- Sunday, March 17, 2019
We revise our 12-month target price (TP) for Bank Dhofar (BKDB) to OMR 0.160 per share from our earlier TP of OMR 0.150 per share on revision in estimates and in spite of a rise in cost of equity, but maintain its rating at HOLD. Our fair value implies a P/e’19 of 9.2x and a P/b’19e of 0.83x. The bank has recently raised capital through an OMR 55mn rights issue and issued Tier 1 perpetual securities worth OMR 40mn, providing a significant boost to its capital adequacy (CAR for FY18: 17.3% vs. FY17: 15.4%).
Country :
Regional
Report Type :
Special Edition
Report Date :
Sunday, March 17, 2019
Provided by :
Capital Investments Capital Investments
Report Size :
559
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