Goldman Sachs Analysts Upgrade Santander-Chile, Expect Return On Equity To Rebound Over 17% In 2024 And 18.5% In 2025
Goldman Sachs Analysts Upgrade Santander-Chile, Expect Return On Equity To Rebound Over 17% In 2024 And 18.5% In 2025
Goldman Sachs analysts upgraded Banco Santander-Chile (NYSE:BSAC) from Sell to Neutral, citing Chile as an ideal place to do business for Andean banks.
高盛分析师将智利桑坦德银行（纽交所：BSAC）的评级由卖出升级至中立，认为智利是安第斯银行业务的理想之地。
Goldman Sachs' Tito Labarta expects "strong earnings momentum at the bank in the medium term" and expects its EPS to grow 24% on average for the period from 2023 to the end of 2026 after profits fell sharply in 2023.
高盛的蒂托·拉巴塔预计“银行在中期内有良好的盈利势头”，并预计其每股收益将在2023年到2026年末期间平均增长24%，在2023年损益大幅下滑后。
"The macro scenario in Chile also screens favorably when compared to the other Andean banks in our coverage, with better industry loan growth and significantly lower delinquency ratios," Labarta said in a note.
“与我们覆盖的其他安第斯银行相比，智利的宏观环境也表现得更为有利，行业贷款增长更快，违约率显著更低，”拉巴塔在一份报告中表示。
Goldman Sachs maintains a price target of $21 on Banco Santander-Chile and expects the bank's return on equity to rebound to 17.2% in 2024 and 18.5% in 2025 from 11.7% in 2023.
高盛维持对桑坦德银行的21美元目标价，预计银行的权益回报率将从2023年的11.7%回升至2024年的17.2%和2025年的18.5%。
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Meanwhile, Goldman Sachs downgraded Bancolombia S.A. (NYSE:CIB) from Neutral to Sell. The firm expects "the weak earnings momentum to continue in the medium term" due to easing cycle pressures on net interest margin due to Colombia's economy.
与此同时，高盛将哥伦比亚银行（纽交所：CIB）的评级由中立下调至卖出。该公司预计由于哥伦比亚经济的利率期货问题，净利息收益率的放缓周期压力会持续，在中期内银行的弱势盈利势头将继续存在。
"Loan growth in Colombia is muted, negatively pressured by a still high level of interest rates and resilient inflation," Labarta said.
“哥伦比亚的贷款增长受到压制，这是由于利率仍然较高，通货膨胀仍然顽固，”拉巴塔说。
"Moreover, the still high inflation and interest rate environment could hinder loan growth in the medium term and indicate that the credit cycle has not yet peaked."
“此外，仍然较高的通货膨胀和利率环境可能会阻碍中期内的贷款增长，并表明信贷周期尚未达到峰值。”
He also forecasted that the bank's profitability should keep falling through 2025 and 2026 to 14.3% and 13.5%, respectively, staying in-line with Bancolombia's cost of equity of 13.8% but well below its pre-pandemic average of 19.2%.
他还预测，这家银行的盈利能力应在2025年和2026年继续下降至14.3%和13.5%，与哥伦比亚银行的股权成本保持一致，但远低于其疫情前的平均水平19.2%。
Price Action: Banco Santander-Chile gained 1.17% to $20.75 as of Tuesday's mid-afternoon trading, while Bancolombia fell 4.57% to $33.20.
股市动态：桑坦德银行股价于周二下午交易时上涨1.17%，至20.75美元，而哥伦比亚银行股价下跌4.57%，至33.20美元。
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Image courtesy of Banco Santander-Chile
图片由智利桑坦德银行提供。