EM Digital Banks – We Turn Positive on KakaoBank and Inter, Cautious on Nubank and Neutral on PAN
KakaoBank raised to buy for its firm business niche, its positive banking and capital ratios; Inter is also a buy for its undemanding valuations...
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Brazil Digital Banking: Client Behaviour Changes Driving Growth, with Regulatory Catalysts
The Covid-19 pandemic is driving customer to change behaviour, and is accelerating and deepening the shift to digital banking and financial...
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Brazil Digital Banking – A Highly Competitive Market, but One with Opportunities
We believe Banco Inter’s recent share price correction reflects the increasing competition in Brazil digital banking The big major challenger is...
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Boost Research
Primer on Brazilian Digital Banking – Disrupters & Adapters
Brazil is progressing on its digital banking journey; it is ahead of most LatAm countries, bar Chile, but it lags other emerging markets like...
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PicPay Pre-IPO Revisited – Further Thoughts on Valuation
PicPay's IPO valuation ranges from USD2.07bn to USD2.53bn, with credit quality as a key concern; we see Banco Pan as its key comparable, and...
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