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Ipotekabank - Company Profile
Essential Advisory Group, Sep 2009, Pages: 9
JSCMB “Ipoteka” is one of the largest banks of Uzbekistan, focused on mortgage lending. The bank is among Top Five banks in Uzbekistan in terms of size of assets and equity.
Share of the bank’s assets accounted for 4.94% within the structure of the banking system in 2008, while the share of the bank's credit portfolio was 4.96%.
The bank has significantly strengthened its positions in terms of equity capital, and has increased its share in the equity structure of the banking system up to 5.19% at the year-end.
The Government is strengthening its position. According to the fourth issue prospectus, registered on 14 March, 2008, for amount of 41 billion UZS, Ministry of Finance of the Republic of Uzbekistan, on behalf of Uzbek Government, acquires additional shares for 15 billion UZS.
Our recommendations. Our analysts have kept their “Hold” recommendation regarding common shares of the bank. Because 25% of the fourth share issue of the bank is to be put for sale at RSE “Toshkent”, one can purchase the bank's shares well below their market value, due to the impact of financial crisis. According to our forecasts, the value of common shares will be slightly higher than the face value and will fluctuate in price range of 1,025-1,050 UZS per share.
We have also retained our “Buy” recommendations for preferred shares, since payment of dividends for 2008 is expected. According to our estimates, the value of preferred shares of the bank will be significantly higher than common shares in 2009 and will make at least 1,300-1,350 UZS per share.
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