Nov 29 2018
Financials
Recent Research
Lloyds Banking Group, Passes BOE stress test
Nov 29 2018
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Irish banks
Monthly update: stress test outcome much improved
The positive outcome for AIB and BOI in the EBA stress test exercise is welcome and should help the banks to retrace some of their recent underperformance. The outcome is testament...
IRES REIT
Strong NAV prospects from yield compression, reversion and development pipeline
Prime Private Rented Sector (PRS) yields in Dublin have declined by 80bps since end-2016 and continue to be very well bid. IRES’ reported yields are now at a record spread versus prime...
AIB Group
Forecast revisions post Q3 and lower lending growth
Although AIB’s Q3 update reaffirmed progress on the bank’s medium-term targets, we reduce our forecasts to reflect lower lending growth assumptions. This reflects our new mortgage...
Bank of Ireland
Forecast revisions post Q3
While the environment may have become more difficult, as evidenced by Brexit-related caution on the part of businesses and a slowdown in mortgage market growth, Bank of Ireland (BOI)...
Irish banks
Monthly update: mortgage market – let’s (not) “party like it’s 1999”
An Post is threatening to do what Bank of Scotland did in 1999 – enter the mortgage market with pricing 1ppt below the current (headline) rate. We remain sceptical on the grounds of...
Green REIT
Significant upgrades to forecasts
Green REIT’s FY 2018 results were well above forecast, and we are making associated upgrades. With yield compression spreading, we are now also including some uplifts from this. Given...
Lloyds Banking Group
With low growth prospects, continuation of buybacks is the most likely outcome
In the coming years, we see little change in Lloyds Banking Group’s (LLOY) top-line prospects, yet capital generation remains strong and pressure on management’s capital ratio target...
Irish banks
Monthly update: Annual banks site visit takeaways
Irish banks’ performance was relatively unchanged on the month, with PTSB up 2% post its interim results, BOI up 1% and AIB down 1% - which compared with a 2% gain for the wider sector...
permanent tsb Group
Accelerated NPL reductions provide capital comfort
Non-performing loan (NPL) reductions so far in 2018 give confidence that further significant reductions will occur in the near term. NPL sales by PTSB and elsewhere in the market have...
Irish banks
Monthly update: Key take-aways from interim results
Irish banks were outperformers in the month, with BOI up 5.7%, PTSB up 5.5% and AIB up 1.4% versus a wider market decline of 1.8% caused by macro and geo-political concerns elsewhere....
