Pre-Trading Thoughts

HRHO| Buy the Shift to Full-Fledged Banking and Non-Banking Services and Improved Sustainability in Earnings Growth; Lending businesses at 50% of bottom-line in 2 years (up from c.37% in 9M21) should improve group margins with its higher NPM (c.27%) vs IB platform NPM (25%); Microfinance and consumer finance services compromise 40% of FV; ValU stake sale would reprice and unlock the unrealized value of the NBFIs platform and the upside potential of HRHO in general; AIB (12% of FV) acquisition...