10:26 PM COMPANY Kina Securities Ltd (KSL) 8 May 2024 MCAP $300m RECOMMENDATION BUY NEWS View PNG is a developing economy and that implies a degree of risk when it comes to the outworkings of same. The banking industry is similarly evolving with metrics (eg spreads, ROE, capital raos) and traits (regulatory strictures, market concentraon, compeve environment) that are quite different than what we are used to in this country, to raise the prospect of a more deregulatory and therefore ghter environment over me. But that would appear to lie out there a way: in the meanme we are le to regard the undeniably aracve investment metrics, a broadly posive economic backdrop (which should prove supporve to the sector at large), and discernible momentum. In short, there is quite a bit to like. BUY.