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TPB [BUY +59%] - Marketing and tech savvy, the little bank that can be - Initiation

We initiate our coverage on TPB with a BUY rating reflecting 59% total return. Net interest income (NII) is expected to grow 36% YoY in 2018 helped by a 54-bps rise in NIM. Net fee income (NFI) is forecast to increase at 222% YoY, contributing 9.2% to TOI. This will mainly be driven by strong bancassurance fee growth of 422% YoY. NoII will be a key driver for bottom-line growth, which we predict will achieve 231% YoY.