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 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. 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.
高盛分析師將智利桑坦德銀行（紐交所：BSAC）的評級由賣出升級至中立，認爲智利是安第斯銀行業務的理想之地。
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.
高盛的蒂託·拉巴塔預計「銀行在中期內有良好的盈利勢頭」，並預計其每股收益將在2023年到2026年末期間平均增長24%，在2023年損益大幅下滑後。
"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.
「與我們覆蓋的其他安第斯銀行相比，智利的宏觀環境也表現得更爲有利，行業貸款增長更快，違約率顯著更低，」拉巴塔在一份報告中表示。
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.
高盛維持對桑坦德銀行的21美元目標價，預計銀行的權益回報率將從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.
與此同時，高盛將哥倫比亞銀行（紐交所：CIB）的評級由中立下調至賣出。該公司預計由於哥倫比亞經濟的利率期貨問題，淨利息收益率的放緩週期壓力會持續，在中期內銀行的弱勢盈利勢頭將繼續存在。
"Loan growth in Colombia is muted, negatively pressured by a still high level of interest rates and resilient inflation," Labarta said.
「哥倫比亞的貸款增長受到壓制，這是由於利率仍然較高，通貨膨脹仍然頑固，」拉巴塔說。
"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，仍然較高的通貨膨脹和利率環境可能會阻礙中期內的貸款增長，並表明信貸週期尚未達到峯值。」
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%.
他還預測，這家銀行的盈利能力應在2025年和2026年繼續下降至14.3%和13.5%，與哥倫比亞銀行的股權成本保持一致，但遠低於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.
股市動態：桑坦德銀行股價於週二下午交易時上漲1.17%，至20.75美元，而哥倫比亞銀行股價下跌4.57%，至33.20美元。
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Image courtesy of Banco Santander-Chile
圖片由智利桑坦德銀行提供。
