CTG – Update – Earnings momentum remains well-supported
Posted: Jul 6, 2026
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PBT in 2026 is forecast to increase by around 15% YoY, supported by a strengthened NIM to around 2.7% and positive non-interest income.
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A leading asset quality position helps reduce provisioning pressure in the following years, providing an advantage in maintaining ROE above 20%.
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We maintain our ADD recommendation but lower the target P/B ratio to 1.8x due to a reduction in sector-wide valuations, reflecting challenges posed by a higher interestrate environment.
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