BUZZ-Banco BPM: value trap, says Berenberg

** In a note titled "Running to stand still", Berenberg says Banco BPM's asset values are still uncertain with a gross NPL ratio more than four times the European average

** The broker adds that the gross NPL ratio of Italy's third-largest bank would still be more than three times the current European average if the bank met its reduction target of 8 bln euros by 2019

** "Considering the uncertainty about asset values and share count, we believe Banco BPM is a value trap trading on 0.5x TBV," says Berenberg

** Berenberg also says that asset sales to boost its CET1 ratio come at the expense of long-term earnings