DA Davidson Starts Hanmi Financial (HAFC) at Buy; Improved Capital Position and Regulatory Relief Coming

March 9, 2012 11:41 AM EST Send to a Friend
Get Alerts HAFC Hot Sheet
Price: $19.93 +0.25%

Rating Summary:
    4 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 37 | Down: 17 | New: 30
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DA Davidson initiates coverage on Hanmi Financial (NASDAQ: HAFC) with a Buy. PT $12.00.

DA analyst said, "Improved health can allow bank to start focusing outward after a long road. HAFC has been burdened by higher credit costs, regulatory orders, and capital pressures since 2008. With a more aggressive asset disposition strategy paying benefits via lower NPAs and classified assets, and a successful series of capital offerings, we think HAFC is better positioned to turn its focus toward growth opportunities as the economic recovery continues."

"Our initial 2012 and 2013 EPS estimates are $2.19 and $0.77, respectively. Excluding the $1.59 DTA-related benefit from 2012 yields an EPS estimate of $0.60. On an apples-to-apples basis we project pretax income growth of 29%."

For an analyst ratings summary and ratings history on Hanmi Financial click here. For more ratings news on Hanmi Financial click here.

Shares of Hanmi Financial closed at $8.59 yesterday.


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