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IFS - Credicorp Looks Undervalued But Its Market Is Slowing
Intercorp Financial Services Inc
Credicorp (BAP), Peru’s largest bank in terms of both loan and deposit share, has had a pretty so-so run of late, with the shares down about 5% over the past year, roughly matching the performance of the wider Peruvian market. Although Credicorp’s operating performance has been solid, and Peru’s economy is still in generally good shape, most of the incremental developments have been negative, with a slowing economy and slowing loan demand showing up more recently.
All bets will be off if the global economy tips over into full-blown recession, but at this