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STB - 4Q loss due to heavy provisioning - Earnings Flash

STB posted shockingly bad consolidated earnings results today. For 2012, only its income from lending activities remained stable; its other businesses declined or posted losses. Full-year loan loss provisions were 3.4x those of 2011, resulting in a huge earnings miss. STB is now trading on a PBR of 1.8x, much higher than its peers’ 1.5x. We currently do not rate this stock.