EFG Hermes has lowered the fair value (FV) of the Housing Bank for Trade and Finance by 42.7% from its trading price to JOD 5.30, with the recommendation ‘buy’.
EFG evaluation came after the Housing Bank for Trade and Finance – Jordan announced its financial statements to the Amman Stock Exchange (ASE) for the fiscal year (FY) ending December 31, 2014, reporting a rise in net profit to JOD 123.9 million ($174.8 million), compared to JOD 106.9 million ($150.8 million) during the same period of 2013.
In its statement, the Egypt-based financial group attributed the decreased FV to the Bank’s annual profit which reached JOD 34 million during the fourth quarter of 2014, dropping 5.5% below EFG's estimates of JOD 36 million.
