In today’s briefing:
- EM Neobanks – Positive on Banco PAN, Cautious on Nubank & KakaoBank Is One to Watch
EM Neobanks – Positive on Banco PAN, Cautious on Nubank & KakaoBank Is One to Watch
- We turn positive on Banco PAN, for its consistently improving operational metrics to 3Q23, attractive valuations and sound capital adequacy
- Nubank is operationally strong but we remain cautious on Nubank shares as we see this neobank to be challenged by capital constraints, as well as being on stretched valuations
- Inter has been improving operationally, and is sound on capital but is in the shadow of PAN in terms of valuations; KakaoBank is sound operationally and one to watch
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