Central Asia & CIS Research and Investment Portal
Institutional-grade equity research on frontier-market equities across Georgia, Azerbaijan, Kazakhstan, Uzbekistan & Turkey.
Central Asia / CIS Bank Monitor
| Ticker | Bank | Country | Conviction | P/BV | ROAE FY25 | Div. Yield |
|---|---|---|---|---|---|---|
| BGEO | Lion Finance Georgia | Georgia | Neutral | 2.0x | 28.2% | 5.0% |
| TBCG | TBC Bank | Georgia | Watch | 1.5x | 24.2% | 6.0% |
| HALYK | Halyk Bank | Kazakhstan | Neutral | 1.2x | 28.0% | 9.4% |
| PASHA | PASHA Bank | Azerbaijan | Neutral | 0.9x | 19.9% | 7.2% |
| ABB | ABB Bank | Azerbaijan | Long | 0.5x | 16.7% | 15.6% |
| KSPI | Kaspi.kz | Kazakhstan | Watch | 3.1x | 53.7% | 7.0% |
| SKBNK | Şekerbank | Turkey | Avoid | 0.9x | 1.5% | 0.6% |
| GARAN | Garanti BBVA | Turkey | Avoid | 1.2x | 27.5% | 8.6% |
| CCBN | Bank CenterCredit | Kazakhstan | Long | 1.1x | 36.1% | 12.0% |
| HMKB | Hamkorbank | Uzbekistan | Long | 1.4x | 28.1% | 7.0% |
Top longs: Highest-conviction longs: ABB (0.5x book, 16.7% ROAE, 15.6% dividend yield), Bank CenterCredit (36.1% ROAE, 1.7% NPL), and Hamkorbank (28.1% ROAE, 30% loan growth).
Cheapest on book: ABB screens cheapest in the set at 0.5x book — on a 16.7% ROAE and a 15.6% dividend yield.
Highest ROAE: Kaspi leads on paper at 53.7% ROAE, but it's a platform, not a bank; among pure banks, Bank CenterCredit is the standout at 36.1%, ahead of BGEO (28.2%), Hamkorbank (28.1%) and Halyk (28.0%).
Kazakhstan vs Georgia: Georgia trades richer on book (BGEO 2.0x, TBCG 1.5x) than Kazakhstan (Halyk 1.2x, CenterCredit 1.1x) at comparable-or-higher returns — Kazakhstan looks like the better risk-adjusted value.
Latest Research Publications
Regular equity research notes, earnings updates, and market commentary published on Substack. Topics include quarterly earnings for Azerbaijani, Georgian, Kazakhstani, Uzbekistani, and Turkish banks; conviction updates; and occasional global bottom-up trade ideas.
About Investor Club Research
We publish institutional-grade research on banks and capital markets across Uzbekistan, Kazakhstan, Azerbaijan, Georgia and Turkey. Occasionally, we publish high-conviction global, bottom-up, research-driven trade ideas with the potential to deliver double-digit returns.
Research by Mansur Mammadov, Equity Research Analyst.