Megabank Raised Its Net Income 2x yoy in 2007
29 January 2008
Megabank’s (MEGA: BUY) net income leapt up 2.1x yoy to USD 4.8 mln in 2007, according to Interfax. The bank’s net assets surged 79% yoy to USD 398 mln in 2007. Alexander Viktorov: Megabank’s net income was only 5% under our forecasts, while asset growth exceeded our estimates by about 10%. We reiterate BUY and leave our target unchanged at USD 1.20 per share, with more than 50% upside to the current mid-market price.
