CMP: INR76 TP: INR84 (+11%) Neutral
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- Lorin Carter
- 6 years ago
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1 BSE SENSEX S&P CNX 25,705 7,870 Bloomberg PNB IN Equity Shares (m) 1,963.6 M.Cap.(INR b)/(usd b) 149.6/ Week Range (INR) 181/69 1, 6, 12 Rel. Per (%) -10/-45/-42 Avg Val, (INR m) 753 Free float (%) 37.9 Financials & Valuations (INR b) Y/E Mar E 2018E NII OP NP NIM (%) EPS (INR) EPS Gr. (%) NM NM 27.1 BV/Sh. (INR) ABV/Sh. (INR) RoE (%) RoA (%) P/E(x) P/BV (x) Estimate change TP change Rating change 18 May QFY16 Results Update Sector: Financials Punjab National Bank CMP: INR76 TP: INR84 (+11%) Neutral Sharp asset quality deterioration led by aggressive recognition of RL to NPA Punjab National Bank (PNB) reported pre-tax loss of INR72.6b and net loss of INR53.7b (v/s loss est. of INR4.7b). Weak core operating performance, sharp rise in credit costs (11.3% v/s 3.9% in 3QFY16) led to significant miss on PBT despite one off income/expense reversal benefit (~INR13b, 40% of reported PPoP). NIMs declined ~93bp QoQ to 1.8% led by interest on reversals on account of sharp deterioration in asset quality. Gross slippages (derived from cumulative numbers) increased sharply to INR235.5b (annualized slippage ratio of ~25%) of which ~25% are driven by RBI AQR. Relapse from RL stood at INR101b (~45% of the quarterly slippages). Iron and steel, power and chemicals accounted for ~70% of overall slippages. Management has indicated that large proportion of stress has been dealt with however, fresh additions will remain elevated in FY17 (watch list - SMA2 ~INR110b and OSRL at ~INR201b). Other highlights: (1) Fees growth remains moderate (+8% YoY), (2) Recoveries from w/o accounts were INR13.3b (~40% of PPoP), (3) During 4Q, bank sold INR4.6b of assets to ARC. Further, one account was refinanced under 5:25 amounting to INR2.4b and SDR was invoked in two accounts (INR6b). (4) Fresh restructuring on account of shift in DCCO was INR27.9b. Valuation and view: Significant stress additions in the quarter and management guidance of INR300b+ watch-list is leading to moderation in margin assumptions and higher credit costs (~7% earnings cut for FY17/18). Current quarter huge loss and sharp deterioration in asset quality is leading to ~10% and ~40% downgrade in BV and ABV. Reported CET1 has come down to ~7.9% despite addition of revaluation reserve and DTA etc. RoA/RoE are expected to be moderate at 0.4%/8%. PNB remains highly levered to resolution of policy bottleneck, improvement in economic growth and commodity cycle. While valuations at 0.4x FY18 BV looks attractive, further risk of asset quality deterioration and BV dilutive capital raise remain a key overhang. Alpesh Mehta (Alpesh.Mehta@MotilalOswal.com); Krishnan ASV (A.Krishnan@MotilalOswal.com); / Dhaval Gada (Dhaval.Gada@MotilalOswal.com); Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P Capital.
2 Exhibit 1: Quarterly Performance: Actual v/s estimates (INR m) Y/E MARCH 4QFY16A 4QFY16E Var. (%) Comments Net Interest Income 27,677 39, % Change (Y-o-Y) NIM below expectation Other Income 24,522 21, Recovery from w/o accounts significantly higher than est. Net Income 52,199 60, Operating Expenses 19,920 27, Employee expenses below expectation Operating Profit 32,279 32,405 0 % Change (Y-o-Y) 1 1 Other Provisions 104,852 35, Credit cost spikes (11.3% v/s 3.9% in 3QFY16) Profit before Tax -72,574-3,280 2,113 Tax Provisions -18,902 1,413-1,437 Net Profit -53,671-4,693 1,044 Weak core PPoP performance coupled with asset quality % Change (Y-o-Y) pressure mars earnings performance Net stress loans ex. SEB stand at 12.5% (-20bp QoQ) Mgmt. move towards full balance sheet clean-up Gross slippages rose sharply QoQ to INR235.5b (25% of loans, annualized) v/s INR127.1b in 3Q) led by RBI s asset quality review (AQR) INR55b. Excluding AQR impact, slippages were significantly higher at ~19% of loans (annualized). Upgrades and recoveries were at INR6.6b as compared to INR15.7b in 3Q. Net slippages for the quarter came in at INR228.9b (24.1%) v/s INR111.4b (12.3%) in 3QFY16. Write-offs during the quarter were INR14.1b v/s INR17.5b in 3Q stock of technical written-off accounts stood at ~4% of loans. GNPA in absolute terms increased 63% QoQ. In percentage terms GNPA and NNPA were at 12.9% (v/s 8.5% in 3QFY16) and 8.6% (v/s 5.9%). Calculated PCR improved 340bp QoQ to 36.5% (51.1% - including technical write-off v/s 53.9% in 3Q). OSRL decreased 42% QoQ to INR201.4b led by large relapse (~INR101.3b) from restructured loans and SEB loan conversion under UDAY scheme (INR35-40b). Iron and Steel, Infra (ex. power) and power sector contributes 13%, 16% and 28% of the overall restructured loans. Risk of relapse remains high unless resolution in this segment takes place. Other highlights Employee expenses included ~INR4b reversal on account of AS-15. Adjusted employee expenses declined ~7% YoY (v/s -2% YoY in 3QFY16). CASA deposits grew 12% YoY (+4% QoQ) led by strong in CA deposit growth (+13% YoY). SA deposits grew (+8% YoY, -1% QoQ). Domestic CASA ratio stood at 41.6% (v/s 40.6% in 4QFY15). Retail advances grew 19% YoY (+6% QoQ) led by strong growth in housing (+7% QoQ and +25% YoY) and vehicles (+4% QoQ, +17% YoY). During the quarter, bank has taken benefit of RBI relaxation on capital (revaluation reserve, FCTR and DTA); however, impacted by large loss, CET1 ratio declined QoQ to 7.9%. We await further details on 5:25 and SDR pipeline, quantum of additional provisioning on RL in FY17 amongst other things. 18 May
3 Valuation and view PNB continues to surprise negatively and clean up exercise by the management remains an overhang on the stock. Led by significant asset quality deterioration, ROAs have come down from the peak of 1.4% in FY10 to a negative number (- 0.6%) in FY16. Significant stress additions in the quarter and management guidance of INR300b+ watch-list is leading to moderation in margin assumptions and higher credit costs (~7% earnings cut for FY17/18). In the near term (4-6 quarter) we expect asset quality pressures to persist (clean-up underway) and hence, credit costs are likely to remain elevated resulting in pressure on NIM/ROAs. Current quarter huge loss and sharp deterioration in asset quality is leading to ~10% and ~40% downgrade in BV and ABV. Reported CET1 has come down to ~7.9% despite addition of revaluation reserve and DTA etc. RoA/RoE are expected to be moderate at 0.4%/8%. NSL at 13.5% remains significantly higher than industry. PNB remains highly levered to resolution of policy bottleneck, improvement in economic growth and commodity cycle. With ~60% of RL belonging to Infrastructure and Iron and steel kick start in these segments could allay concerns. While valuations at 0.4x FY18 BV look attractive, further risk of asset quality deterioration and BV dilutive capital raise remain a key overhang. Hence, we remain Neutral with a target price of INR85 (0.4x FY18E BV) based on residual income model. We assume 15.9% cost of equity v/s 14.6% earlier (7.5% risk free rate, Beta of 1.5 and 5.5% market risk premium) and 5% terminal growth rate. Exhibit 2: Cut earnings estimate led by increase in provisions and interest income reversals INR B Old Est. Rev. Est. Chg. (%) FY16 FY17 FY18 FY16 FY17 FY18 FY16 FY17 FY18 Net Interest Income Other Income Total Income Operating Expenses Operating Profits Provisions PBT NM Tax NM PAT NM Margins (%) Credit Cost (%) RoA (%) RoE (%) EPS NM BV ABV May
4 Exhibit 3: One year forward P/BV PB (x) Peak(x) Avg(x) Min(x) Exhibit 4: One year forward P/E 42 PE (x) Peak(x) Avg(x) Min(x) Apr-06 Jul-07 Oct-08 Jan-10 Apr-11 Jul-12 Oct-13 Jan-15 Apr-16 Apr-06 Jul-07 Oct-08 Jan-10 Apr-11 Jul-12 Oct-13 Jan-15 Apr May
5 Exhibit 5: DuPont Analysis: Highly levered to macro-economic conditions expect RoAs to remain subdued (%) FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017E FY2018E FY2019E Net Interest Income Fee income Fee to core income Core Operating Income Operating Expenses Cost to Core Income Ratio Employees Emp cost to Opex (%) Others Core operating Profits Trading and others Operating Profits Provisions NPA Othes PBT Tax Tax Rate RoA Leverage (x) RoE Exhibit 6: DuPont Analysis: Higher credit costs dent profitability (%) Y/E MARCH 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 Net Interest Income Fee income Fee to core income (%) Core Income Operating Expenses Cost to Core Income (%) Employee cost Emp cost to Opex (%) Others Core operating Profits Trading and others Operating Profits Provisions NPAs Others PBT Tax Tax Rate (%) RoA May
6 Story in charts Exhibit 7: Loan growth continues to remain subdued Loans (INR b) YoY Gr. (%) Exhibit 8: Deposit growth continues to remain ahead of loan growth; CD ratio increases to 75% v/s 72% in 3QFY Deposits (INR b) YoY Growth (%) QFY12 1HFY12 9MFY12 FY12 1QFY13 1HFY13 9MFY13 FY13 1QFY14 1HFY14 9MFY14 FY14 1QFY15 1HFY15 9MFY15 FY15 1QFY16 1HFY16 9MFY16 FY16 2,429 2,490 2,626 2,938 2,945 2,947 2,973 3,088 3,051 3,139 3,261 3,493 3,475 3,571 3,625 3,805 3,809 3,810 3,929 4,123 1QFY12 1HFY12 9MFY12 FY12 1QFY13 1HFY13 9MFY13 FY13 1QFY14 1HFY14 9MFY14 FY14 1QFY15 1HFY15 9MFY15 FY15 1QFY16 1HFY16 9MFY16 FY16 3,241 3,418 3,565 3,796 3,854 4,007 3,858 3,916 3,968 4,057 4,206 4,514 4,449 4,735 4,841 5,014 5,177 5,399 5,485 5,531 Exhibit 9: Margins decline 90bp+ QoQ (-97bp YoY) led by significant interest income reversals QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 Exhibit 10: Absolute GNPA increases +63% QoQ; Calculated PCR improved 340bps QoQ (%) GNPA (%) NNPA (%) PCR (cal %) QFY12 1HFY12 9MFY12 FY12 1QFY13 1HFY13 9MFY13 FY13 1QFY14 1HFY14 9MFY14 FY14 1QFY15 1HFY15 9MFY15 FY15 1QFY16 1HFY16 9MFY16 FY16 Exhibit 11: Net slippages continue to trend higher Net Slippages (INR b) Net Slipapge Ratio (%) Exhibit 12: Credit costs spikes (%) 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY May
7 Exhibit 13: Quarterly Snapshot FY15 FY16 Variation (%) Cumulative Numbers INR m 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q QoQ YoY FY15 FY16 YoY Gr (%) Profit and Loss Net Interest Income 43,797 41,512 42,331 37,916 41,025 43,220 41,196 27, , ,118-8 Other Income 12,364 15,584 12,908 18,051 13,974 13,569 16,706 24, ,907 68, Trading profits 1,490 1,250 2,110 5,380 1,630 2,170 2,330 1, ,230 7, Recoveries 910 4,830 1,090 3,350 2,170 2,360 5,190 13, ,180 22, Div. from Liquid MF 700 1, , ,350 3,510 5 Core Fees 8,294 7,194 7,188 7,491 9,434 7,929 8,436 8, ,167 33, Total Income 56,161 57,096 55,239 55,967 54,998 56,789 57,902 52, , ,888-1 Operating Expenses 24,908 28,335 27,732 23,940 23,677 27,404 28,724 19, ,916 99,725-5 Employee 17,674 20,341 20,286 15,069 15,496 18,776 19,912 10, ,369 64, Others 7,235 7,995 7,446 8,872 8,181 8,628 8,812 9, ,546 35, Operating Profits 31,253 28,760 27,507 32,027 31,321 29,385 29,179 32, , ,164 2 Provisions 9,276 17,679 14,678 38,342 18,114 18,821 37, , , , NPA provisions 13,660 16,380 17,230 32,810 12,910 20,310 37, , , , Provisions on Invst. -3, ,450 2,860 3, , NM NM -5,660 3,450 NM Others ,559 1,898 2,672 1, ,145-8,148 NM NM 5,555-8,598 NM PBT 21,977 11,081 12,830-6,315 13,207 10,564-8,577-72,574 NM NM 39,573-57,379 NM Taxes 7,926 5,328 5,084-9,381 6,000 4,354-9,087-18,902 NM NM 8,957-17,635 NM PAT 14,051 5,753 7,746 3,066 7,207 6, ,671 NM NM 30,616-39,744 NM Ratios (%) Fees to Total Income Cost to Core Income Tax Rate CASA (Cal) Loan/Deposit Margins Margins - Cumulative (%) Yield on loans Yield On Investments Yield on Funds Cost of Deposits Cost of Funds Spreads Margins Franchise Branches 6,340 6,351 6,406 6,559 6,594 6,635 6,692 6,760 ATM 7,717 7,954 8,209 8,348 8,437 8,622 8,884 7, May
8 Exhibit 14: Quarterly Snapshot continued FY14 FY15 FY16 Variation (%) INR b 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q QoQ YoY Balance Sheet Loans 3,051 3,139 3,261 3,493 3,475 3,571 3,625 3,805 3,809 3,810 3,929 4, Investments 1,330 1,341 1,434 1,438 1,383 1,446 1,409 1,499 1,551 1,677 1,651 1, Assets 4,811 4,943 5,219 5,504 5,468 5,663 5,749 6,033 6,178 6,337 6,486 6, Deposits 3,968 4,057 4,206 4,514 4,449 4,735 4,841 5,014 5,177 5,399 5,485 5, Deposits Break Up CASA Deposits 1,499 1,564 1,610 1,729 1,636 1,716 1,731 1,838 1,815 1,945 1,979 2, % of total Deposits Savings 1,232 1,302 1,338 1,414 1,366 1,421 1,435 1,502 1,496 1,577 1,615 1, % of total Deposits Current % of total Deposits Term Deposits 2,469 2,493 2,597 2,785 2,813 3,019 3,110 3,176 3,362 3,454 3,506 3, % of total Deposits Loan Break Up Agriculture SME Loans Retail Loans Other loans 2,013 2,022 2,023 2,109 2,150 2,177 2,114 2,199 2,261 2,245 2,279 2, Investment book HTM ,070 1,021 1,036 1,041 1, AFS and HFT AFS (%) SLR (%) M. duration (Yrs) - Portfolio AFS Asset Quality Movement of NPA -Quarterly Opening Additions Deductions Cash Recovery Upgradation Write offs Closing Net Slippages Net Slippage Ratio (%) ,176 1,873 Credit cost (%) May
9 Exhibit 15: Valuation Metrics 66 Rating CMP Mcap EPS (INR) P/E (x) BV (INR) P/BV (x) ABV (INR) P/ABV (x) RoA (%) RoE (%) (INR) (USDb) FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 ICICIBC* Buy HDFCB Buy 1, AXSB Buy KMB* Buy YES Buy IIB Buy 1, IDFC Bk Buy FB Neutral DCBB Buy JKBK Neutral SIB Buy Private Aggregate SBIN (cons)* Buy PNB Neutral BOI Neutral BOB Buy CBK Neutral UNBK Buy OBC Neutral INBK Buy ANDB Buy IDBI Neutral Public Aggregate Banks Aggregate HDFC* Buy 1, LICHF Buy IHFL Buy GRHF Buy REPCO Buy DEWH Buy Housing Finance RECL Neutral POWF Neutral Infra Finance SHTF Buy 1, MMFS Buy BAF Buy 7, ,6221, ,622 1, MUTH Buy SKSM Buy Asset Finance NBFC Aggregate Financials *Multiples adj. for value of key ventures/investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries 18 May
10 Financials and Valuations Income Statement (INR Million) Y/E March E 2018E 2019E Interest Income 364, , , , , , , ,862 Interest Expense 230, , , , , , , ,419 Net Interest Income 134, , , , , , , ,443 Change (%) Non Interest Income 42,026 42,234 45,767 58,907 68,770 73,473 80,438 88,014 Net Income 176, , , , , , , ,457 Change (%) Operating Expenses 70,028 81,651 93, ,915 99, , , ,381 Pre Provision Profits 106, , , , , , , ,076 Change (%) Provisions (excl tax) 35,772 43,856 66,939 79, ,542 83,281 87,221 85,442 PBT 70,370 65,218 46,905 39,573-57,383 46,628 59,249 70,635 Tax 21,528 17,741 13,479 8,957-17,635 15,854 20,145 24,016 Tax Rate (%) PAT 48,842 47,477 33,426 30,616-39,748 30,775 39,104 46,619 Change (%) Equity Dividend (Incl tax) 8,672 11,166 4,236 7, Core PPP* 97,584 99, ,201 99,150 91,929 98, , ,492 Change (%) *Core PPP is (NII+Fee income-opex) Balance Sheet (INR Million) Y/E March E 2018E 2019E Share Capital 3,392 3,535 3,621 3,709 3,927 3,927 3,927 3,927 Equity Share Capital 3,392 3,535 3,621 3,709 3,927 3,927 3,927 3,927 Reserves & Surplus 274, , , , , , , ,805 Net Worth 278, , , , , , , ,732 Deposits 3,795,885 3,915,601 4,513,967 5,013,786 5,530,511 6,083,562 6,813,590 7,631,221 Change (%) of which CASA Dep 1,341,293 1,533,443 1,728,721 1,837,805 2,055,830 2,364,205 2,718,835 3,126,660 Change (%) Borrowings 372, , , , , , , ,660 Other Liabilities & Prov. 135, , , , , , , ,720 Total Liabilities 4,581,923 4,789,477 5,504,199 6,033,336 6,673,905 7,334,913 8,187,052 9,129,332 Current Assets 288, , , , , , ,127 1,039,803 Investments 1,227,030 1,298,962 1,437,855 1,512,823 1,578,459 1,736,305 1,909,935 2,100,929 Change (%) Loans 2,937,748 3,087,959 3,492,691 3,805,344 4,123,258 4,535,584 5,079,854 5,689,436 Change (%) Fixed Assets 31,689 33,577 34,197 35,515 52,227 53,025 53,823 54,620 Other Assets 97,177 97,626 87, , , , , ,544 Total Assets 4,581,923 4,789,477 5,504,199 6,033,336 6,673,905 7,334,913 8,187,052 9,129,332 Asset Quality (%) GNPA (INR m) 87, , , , , , , ,913 NNPA (INR m) 44,542 72,365 99, , , , , ,066 GNPA Ratio NNPA Ratio PCR (Excl Tech. write off) PCR (Incl Tech. Write off) E: MOSL Estimates 18 May
11 Financials and Valuations Ratios Y/E March E 2018E 2019E Spreads Analysis (%) Avg. Yield-Earning Assets Avg. Yield on loans Avg. Yield on Investments Avg. Cost-Int. Bear. Liab Avg. Cost of Deposits Interest Spread Net Interest Margin Profitability Ratios (%) RoE RoA Int. Expense/Int.Income Fee Income/Net Income Non Int. Inc./Net Income Efficiency Ratios (%) Cost/Income* Empl. Cost/Op. Exps Busi. per Empl. (INR m) NP per Empl. (INR lac) * ex treasury Asset-Liability Profile (%) Loans/Deposit Ratio CASA Ratio Investment/Deposit Ratio G-Sec/Investment Ratio CAR Tier Valuation Book Value (INR) Change (%) Price-BV (x) Adjusted BV (INR) Price-ABV (x) EPS (INR) Change (%) Price-Earnings (x) Dividend Per Share (INR) Dividend Yield (%) E: MOSL Estimates 18 May
12 Corporate profile Company description Punjab National Bank (PNB) was incorporated in 1894 in Lahore. It is one of India s largest nationalized public sector banks in terms of business and number of branches. As of December 2015, it had loan book size of INR3.9t and deposits of INR5.5t. It has a wide distribution network having pan-india presence with a total of 6,692 branches and 8,884 ATMs. Government holds ~62% stake in the bank. Exhibit 1: Sensex rebased Source: MOSL/Bloomberg Exhibit 2: Shareholding pattern (%) Mar-16 Dec-15 Mar-15 Promoter DII FII Others Note: FII Includes depository receipts Source: Capitaline Exhibit 3: Top holders Holder Name % Holding LIC of india 13.9 Lazard Asset Management LLC 2.9 HDFC Trustee Co Ltd 2.5 ICICI Prudential 2.1 Source: Capitaline Exhibit 4: Top management Name Usha Ananthasubramanian Gauri Shankar K Veera Brahmaji Rao R S Sangapure A Gopinathan Designation Managing Director & CEO Executive Director Executive Director Executive Director Company Secretary Exhibit 5: Directors Name Usha Ananthasubramanian Dilip Kumar Saha Rajinder Mohan Singh Tara Chand Jhalani Gautam Premnath Khandelwal Name R S Sangapure Gauri Shankar K Veera Brahmaji Rajesh Aggarwal B P Kanungo Source: Capitaline *Independent Exhibit 6: Auditors Name CVK & Associates K N Gutguita & Co Hem Sandeep & Co Chhajed & Doshi R Devendra Kumar & Associates Ramesh Kapoor & Co Type Statutory Statutory Statutory Statutory Statutory Statutory Source: Capitaline Exhibit 7: MOSL forecast v/s consensus EPS (INR) MOSL forecast Consensus forecast Variation (%) FY FY Source: Bloomberg 18 May
13 PUNJAB NATIONAL BANK REPORT GALLERY PUNJAB NATIONAL BANK SECTOR UPDATES
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This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited: Varun Kumar Kadambari Balachandran Varun.kumar@motilaloswal.com kadambari.balachandran@motilaloswal.com Contact : (+65) (+65) / Office Address:21 (Suite 31),16 Collyer Quay,Singapore Motilal Oswal Securities Ltd Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai Phone: reports@motilaloswal.com 18 May
Individual Housing Loans: Rationalization of Risk-Weights and LTV Ratios
8 October 2015 Sector Update Financials Individual Housing Loans: Rationalization of Risk-Weights and LTV Ratios Significant capital release for HFCs; Limited benefits for banks Event: RBI reduces risk
More informationPunjab National Bank. CMP: INR133 TP: INR175 (+32%) Buy. PAT below est. led by higher write-offs; Growth remains moderate
BSE SENSEX S&P CNX 26,265 7,954 Bloomberg PNB IN Equity Shares (m) 1,854.6 M.Cap. (INR b) / (USD b) 246.3/3.8 52-Week Range (INR) 232/124 1, 6, 12 Rel. Per (%) 0/-6/-24 Avg Val INRm 970 Free float (%)
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Sector Update 14 June 2016 Financials Please refer our detailed report dated 1 March 2016 S4A An ammunition to cut the debt trap Positive for corporate lenders; Prefer SBIN, BOB and ICICIBC The RBI has
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BSE SENSEX S&P CNX 27,098 8,090 Bloomberg OBC IN Equity Shares (m) 299.8 M.Cap. (INR b) / (USD b) 80.0/1.3 52-Week Range (INR) 377/152 1, 6, 12 Rel. Per (%) 10/-13/38 Financials & Valuation (INR Billion)
More informationCMP: INR53 TP: INR70 (+33%) Buy
30 January 2016 3QFY16 Results Update Sector: Financials IDFC Bank BSE SENSEX S&P CNX 24,871 7,564 Bloomberg IDFCBK IN Equity Shares (m) 3,392.6 M.Cap.(INRb)/(USDb) 178.1/2.6 12-Week Range (INR) 74 /43
More informationSohail Halai Alpesh Mehta
BSE Sensex S&P CNX 20,039 6,064 Bloomberg IDBI IN Equity Shares (m) 1,278.4 M.Cap. (INR b)/(usd b) 144.9/2.7 52-Week Range (INR) 122/82 1,6,12 Rel.Perf.(%) -1/6/2 Financials & Valuation (INR b) Y/E March
More informationCanara Bank. CMP: INR419 TP: INR525 Buy
BSE SENSEX S&P CNX 18,817 5,724 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 566/349 1,6, 12 Rel.Perf.(%) -7/-18/-17 M.Cap. (INR b) 170.3 M.Cap. (USD b) 3.0 7 November 2012 2QFY13 Results
More informationSKS Microfinance. CMP: INR478 TP: INR589 (+23%) Buy Clouds of uncertainty cleared. RBI to be the sole regulator of the MFI sector
BSE SENSEX S&P CNX 24,188 7,351 Stock Info Bloomberg SKSM IN Equity Shares (m) 126.3 52-Week Range (INR) 590 / 369 1, 6, 12 Rel. Per (%) 5/5/16 M.Cap. (INR b)/(usd b) 61.1/0.9 12M Avg Val (INR M) 868 Free
More informationIDFC Bank. CMP: INR63 TP: INR68 (8%) Neutral
BSE SENSEX S&P CNX 27,882 8,641 Bloomberg IDFCBK IN Equity Shares (m) 3392.6 M.Cap.(INRb)/(USDb) 214.4 /3.2 52-Week Range (INR) 83 /44 1, 6, 12 Rel. Per (%) -4/21/-10 Avg Val, INRm 536 Free float (%) 47.1
More informationPunjab National Bank. CMP: INR177 TP: INR260 (+46%) Buy
BSE SENSEX S&P CNX 29,000 8,757 Bloomberg PNB IN Equity Shares (m) 362.1 M.Cap. (INR b) / (USD b) 337.3/5.5 52-Week Range (INR) 232/105 1, 6, 12 Rel. Per (%) -23/-21/17 Avg Val INRm/Vol 000 1180/1866 Free
More informationECOSCOPE. Real GDP growth eases on lower net indirect taxes. The Economy Observer. Real GVA growth exactly as expected
31 August 2016 ECOSCOPE The Economy Observer Real GDP growth eases on lower net indirect taxes Real GVA growth exactly as expected India s real gross domestic product (GDP) grew at the slowest pace in
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BSE SENSEX S&P CNX 18,210 5,488 28 July 2011 1QFY12 Results Update Sector: Banking Punjab National Bank CMP:INR1,103 TP:INR1,500 Buy Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,395/971
More informationPunjab National Bank. CMP: INR716 TP: INR950 Buy
BSE SENSEX S&P CNX 16,839 5,100 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,144/703 1,6,12 Rel.Perf.(%) -8/-24/-28 M.Cap. (INR b) 242.8 M.Cap. (USD b) 4.4 30 July 2012 1QFY13 Results
More informationCMP: INR374 TP: INR500 (+34%) Buy Fuelled with capital
BSE SENSEX S&P CNX 29,910 9,238 Stock Info Bloomberg DEWH IN Equity Shares (m) 299.8 52-Week Range (INR) 372/183 1, 6, 12 Rel. Per (%) 7/73/70 M.Cap. (INR b) 117.0 M.Cap. (USD b) 1.8 12M Avg Val (INR M)
More informationIDFC Bank. CMP: INR61 TP: INR62 (2%) Neutral Focus on inorganic opportunities; stressed assets stable
BSE SENSEX S&P CNX 30,133 9,352 Bloomberg IDFCBK IN Equity Shares (m) 3392.6 M.Cap.(INR b)/(usdb) 207.0 / 3.0 52-Week Range (INR) 83 / 44 1, 6, 12 Rel. Per (%) -2/-29/0 Avg. Val, INR m 621 Free float (%)
More informationBank of India. CMP: INR80 TP: INR85 (+6%) Neutral
BSE SENSEX S&P CNX 25,305 7,749 Bloomberg BOI IN Equity Shares (m) 817.3 M.Cap.(INR b)/(usd b) 65.7/1.0 52-Week Range (INR) 208 / 79 1, 6, 12 Rel. Per (%) -16/-34/-51 12M Avg Val (INR M) 473 Free float
More informationCMP: INR125 TP: INR114 (-9%) Neutral
6 February 2017 Results Update Sector: Financials Oriental Bank of Commerce BSE SENSEX S&P CNX 28,439 8,801 Bloomberg OBC IN Equity Shares (m) 346.2 M.Cap.(INRb)/(USDb) 43.3 / 0.6 52-Week Range (INR) 138
More informationCMP: INR865 TP: INR1,015 (+17%) Buy Building blocks for strong growth
BSE SENSEX S&P CNX 29,647 9,174 Stock Info Bloomberg KMB IN Equity Shares (m) 1,840 52-Week Range (INR) 885 / 656 1, 6, 12 Rel. Per (%) 5/5/10 M.Cap. (INR b) 1,580.8 M.Cap. (USD b) 24.4 Avg Val, INRm 1618
More informationCMP: INR602 TP: INR758(+26%) Buy Gradual re-rating to continue
BSE SENSEX S&P CNX 28,061 8,698 Stock Info Bloomberg LICHF IN Equity Shares (m) 505.0 52-Week Range (INR) 608 / 389 1, 6, 12 Rel. Per (%) 4/9/18 M.Cap. (INR b) 304.0 M.Cap. (USD b) 4.6 12M Avg Val (INR
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BSE SENSEX S&P CNX 27,643 8,573 13 October 2016 Update Sector: Financials Jammu & Kashmir Bank CMP: INR75 TP: INR68 (-9%) Neutral Continued clean-up to hurt profitability Takeaways from new CEO s first
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Sector Update 6 May 2017 Making RBI captain of the ship NPA resolution Is it enough? GOI passed an ordinance to empower the RBI to more effectively deal with bad loans. Under the new policy, RBI is permitted
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BSE SENSEX S&P CNX 17,207 5,223 Bloomberg IDBI IN Equity Shares (m) 1,278.4 52-Week Range (INR) 154/77 1,6,12 Rel.Perf.(%) -1/0/-7 M.Cap. (INR b) 135.5 M.Cap. (USD b) 2.6 24 April 2012 4QFY12 Results Update
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BSE SENSEX S&P CNX 25,774 7,891 Stock Info Bloomberg SBIN IN Equity Shares (m) 7,72.8 52-Week Range (INR) 305/148 1,, 12 Rel. Per (%) -8/-28/-33 M.Cap. (INR b) 1,374.4 M.Cap. (USD b) 20. Avg Val ( INRm)
More informationCMP: INR254 TP: INR240(-6%) Neutral
BSE SENSEX S&P CNX 28,095 8,636 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg CBK IN Equity Shares (m)
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BSE SENSEX S&P CNX 25,765 7,929 21 November 2016 Update Sector: Financials LIC Housing Finance CMP: INR501 TP: INR716(+43%) Buy Significant benefits from demonetization Medium-term pick-up likely, no issues
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BSE SENSEX S&P CNX 27,396 8,286 Bloomberg ANDB IN Equity Shares (m) 602.8 M.Cap. (INR b) / (USD b) 46.2/0.7 52-Week Range (INR) 110 / 61 1, 6, 12 Rel. Per (%) -2/-1/-7 Avg Val/Vol 000 410/4755 Free float
More informationCanara Bank. CMP: INR464 TP: INR645 Buy
BSE SENSEX S&P CNX 17,234 5,205 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 672/349 1,6, 12 Rel.Perf.(%) 22/2/-13 M.Cap. (INR b) 205.6 M.Cap. (USD b) 4.1 31 January 2012 3QFY12 Results
More informationSouth Indian Bank. CMP: INR23 TP: INR30 (+35%) Buy. Weak asset quality continues to impact profitability; valuations attractive
BSE SENSEX S&P CNX 27,36 8,275 Bloomberg SIB IN Equity Shares (m) 1343.9 M.Cap. (INR b)/(usd b) 30.3/0.5 52-Week Range (INR) 32 /19 1, 6, 12 Rel. Per (%) 3/-8/-18 12M Avg Val (INR M) 113 Free float (%)
More informationMuthoot Finance. CMP: INR215 TP: INR266 (+24%) Buy
BSE SENSEX S&P CNX 26,654 8,157 Bloomberg MUTH IN Equity Shares (m) 398.0 M.Cap. (INR b) / (USD b) 85.6/1.3 52-Week Range (INR) 237 / 152 1, 6, 12 Rel. Per (%) 6/18/18 12M Avg Val (INR m) 49 Free float
More informationPunjab National Bank. CMP: INR940 TP: INR1,275 Buy
BSE SENSEX S&P CNX 17,194 5,199 Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,234/751 1,6,12 Rel.Perf.(%) 9/-10/-9 M.Cap. (INR b) 297.7 M.Cap. (USD b) 6.0 1 February 2012 3QFY12 Results
More informationIndusInd Bank. CMP: INR345 TP: INR419 Buy
BSE SENSEX S&P CNX 17,504 5,332 Bloomberg IIB IN Equity Shares (m) 467.7 52-Week Range (INR) 352/222 1,6,12 Rel.Perf.(%) 13/25/34 M.Cap. (INR b) 161.4 M.Cap. (USD b) 3.1 20 April 2012 4QFY12 Results Update
More informationBank of Baroda. CMP: INR155 TP: INR194 (+25%) Buy
BSE SENSEX S&P CNX 25,490 7,815 Bloomberg BOB IN Equity Shares (m) 2,310.5 M.Cap. (INR b)/(usd b) 358.0/5.4 52-Week Range (INR) 216 / 109 1, 6, 12 Rel. Per (%) 3/-10/2 12M Avg Val (INR M) 1448 Free float
More informationPunjab National Bank. CMP: INR768 TP: INR963 Buy
BSE SENSEX S&P CNX 16,480 4,975 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,200/751 1,6,12 Rel.Perf.(%) -12/-16/-18 M.Cap. (INR b) 260.5 M.Cap. (USD b) 4.8 10 May 2012 4QFY12 Results
More informationAxis Bank. CMP: INR1,008 TP: INR1,240 Buy
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg AXSB IN Equity Shares (m) 410.5 52-Week Range 1,461/785 1,6,12 Rel.Perf.(%) 11/-9/-9 M.Cap. (INR b) 413.8 M.Cap. (USD b) 8.2 20 January 2012 Results Update Sector:
More informationCity Union Bank BUY. 24 February 2016 INR82
SECTOR: FINANCIAL STOCK INFO. BSE Sensex : 23410 BLOOMBERG CUBK:IN BUY S&P CNX : 7110 REUTERS CODE CTBK.NS Initiating Coverage INR82 (INR CR) Y/E MARCH FY16E FY17E FY18E We recommend 'BUY' on for a target
More informationAlpesh Mehta Sohail Halai
BSE Sensex S&P CNX 19,664 5,969 Bloomberg IIB IN Equity Shares (m) 521.8 M. Cap. (INR b)/(usd b) 227/4.1 52-Week Range (INR) 441/242 1,6,12 Rel.Perf.(%) 3/15/52 Financials & Valuation (INR b) Y/E March
More informationCMP: INR155 TP: INR184 (+19%) Buy
19 May 2017 4QFY17 Results Update Sector: Financials Punjab National Bank BSE SENSEX S&P CNX 30,465 9,428 Bloomberg PNB IN Equity Shares (m) 2,128 M.Cap.(INRb)/(USDb) 318.8 / 4.7 52-Week Range (INR) 186
More informationPunjab National Bank. CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights of FY12 Annual Report
BSE SENSEX S&P CNX 16,706 5,064 19 June 2012 Annual Report Update Sector: Financials Punjab National Bank CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights
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BSE SENSEX S&P CNX 23,759 7,216 Bloomberg RECL IN Equity Shares (m) 987.5 M.Cap. (INR b) / (USD b) 168.9/2.5 52-Week Range (INR) 371 / 234 1, 6, 12 Rel. Per (%) -15/-18/-31 Avg Val,INRm 703 Free float
More informationAxis Bank. CMP: INR1,119 TP: INR1,330 Buy
BSE SENSEX S&P CNX 18,714 5,687 Bloomberg AXSB IN Equity Shares (m) 413.2 52-Week Range (INR) 1,309/785 1,6,12 Rel.Perf.(%) 9/-16/-8 M.Cap. (INR b) 462.4 M.Cap. (USD b) 8.7 16 October 2012 2QFY13 Results
More informationCMP: INR1,228 TP: INR1,450(+18%)
21 July 2016 1QFY17 Results Update Sector: Financials HDFC Bank BSE SENSEX S&P CNX 27,711 8,510 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading
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14 February 2017 3QFY17 Results Update Sector: Financials Muthoot Finance BSE SENSEX S&P CNX 28,339 8,792 Bloomberg MUTH IN Equity Shares (m) 399.0 M.Cap. (INR b) / (USD b) 131.3/2.0 52-Week Range (INR)
More informationCanara Bank. CMP: INR250 TP: INR300 Neutral
BSE SENSEX S&P CNX 20,491 6,079 Bloomberg CBK IN Equity Shares (m) 443.0 M.Cap. (INR b) / (USD b) 109.4/1.7 52-Week Range (INR) 550/190 1, 6, 12 Rel. Per (%) 5/-42/-52 Financials & Valuation (INR Billion)
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BSE SENSEX S&P CNX 30,435 9,429 Bloomberg BOB IN Equity Shares (m) 2,304 M.Cap.(INRb)/(USDb) 433.3 / 6.5 52-Week Range (INR) 202 / 128 1, 6, 12 Rel. Per (%) 3/-10/13 Avg Val, INRm 1656 Free float (%) 40.8
More informationCMP: INR558 TP: INR761 (+36%) Buy Falling yields favor LICHF due to liability mix
BSE SENSEX S&P CNX 27,836 8,592 Stock Info Bloomberg LICHF IN Equity Shares (m) 505.0 52-Week Range (INR) 567 / 389 1, 6, 12 Rel. Per (%) 8/16/21 M.Cap. (INR b) 281.8 M.Cap. (USD b) 4.2 12M Avg Val (INR
More informationMuthoot Finance. CMP: INR181 TP: INR233 (29%) Buy
BSE SENSEX S&P CNX 26,657 8,066 Bloomberg MUTH IN Equity Shares (m) 398.0 M.Cap. (INR b) / (USD b) 72.0/1.1 52-Week Range (INR) 254 / 152 1, 6, 12 Rel. Per (%) 9/0/-2 12M Avg Val (INR M) 67 Free float
More informationLIC Housing Finance. CMP: INR520 TP: INR627 (+21%) Buy
BSE SENSEX S&P CNX 27,747 8509 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg LICHF IN Equity Shares
More informationExpect capacity-led rerating; maintain Buy
BSE SENSEX S&P CNX 27,238 8,400 Stock Info Bloomberg SRCM IN Equity Shares (m) 34.8 52-Week Range (INR) 18519/9350 1, 6, 12 Rel. Per (%) -2/-3/32 M.Cap. (INR b) 523.7 M.Cap. (USD b) 7.7 Avg Val, INRm 216.4
More informationCMP: INR475 TP: INR609 (+28%) Buy
10 April 2017 Update Sector: Automobiles Tata Motors BSE SENSEX S&P CNX 29,576 9,181 Stock Info Bloomberg TTMT IN Equity Shares (m) 3,395.9 52-Week Range (INR) 599 / 373 1, 6, 12 Rel. Per (%) -1/-21/8
More informationCMP: INR320 TP: INR164(-49%) Sell Intending to exit UK execution is key!
31 March 2016 Update Sector: Metals Tata Steel BSE SENSEX S&P CNX 25,342 7,738 Stock Info Bloomberg TATA IN Equity Shares (m) 971.2 52-Week Range (INR) 384/200 1, 6, 12 Rel. Per (%) 18/54/10 M.Cap. (INR
More informationCMP: INR473 TP: INR545(+15%) Buy Mega merger on the anvil
BSE SENSEX S&P CNX 26,626 8,170 Stock Info Bloomberg MAXF IN Equity Shares (m) 267.0 52-Week Range (INR) 514/303 1, 6, 12 Rel. Per (%) 22/14/24 M.Cap. (INR b) 126.2 M.Cap. (USD b) 1.9 Avg Val ( INRm) 170
More informationKotak Mahindra Bank. CMP: INR626 TP: INR500 Neutral
BSE SENSEX S&P CNX 18,759 5,705 Bloomberg KMB IN Equity Shares (m) 740.7 52-Week Range (INR) 652/418 1,6,12 Rel.Perf.(%) -3/-2/18 M.Cap. (INR b) 463.4 M.Cap. (USD b) 8.6 26 October 2012 2QFY13 Results
More informationM&M Financial Services
BSE SENSEX S&P CNX 18,793 5,717 Bloomberg MMFS IN Equity Shares (m) 102.7 52-Week Range (INR) 938/590 1,6,12 Rel.Perf.(%) 7/24/30 M.Cap. (INR b) 90.7 M.Cap. (USD b) 1.7 23 October 2012 2QFY13 Results Update
More informationKotak Mahindra Bank. CMP: INR761 TP: INR866 (+14%) Buy. In-line, healthy lending business performance; stable asset quality
BSE SENSEX S&P CNX 27,711 8,510 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg KMB IN Equity Shares (m)
More informationCMP: INR615 TP: INR755(+23%) Buy Nominee Gold has some new competition on the block
BSE SENSEX S&P CNX 25,653 7,861 16 May 2016 Update Sector: Fertilizers PI Industries CMP: INR615 TP: INR755(+23%) Buy Nominee Gold has some new competition on the block We recently interacted with the
More informationCMP: INR371 TP: INR360 (-3%) Neutral
19 July 2017 1QFY18 Results Update Sector: Financials Canara Bank BSE SENSEX S&P CNX 31,955 9,900 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading
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Dr Urjit Patel to maintain continuity of monetary policy stance Appointment helps retain government s credibility to fight against inflation 22 August 2016 ECOSCOPE The Economy Observer The government
More informationCMP: INR2,623 TP: INR2,875 (+10%) Neutral
21 March 2017 Update Sector: Healthcare Dr Reddy s Labs BSE SENSEX S&P CNX 29,485 9,122 Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap.(INR b)/(usd b) 447.0 / 6.6 52-Week Range (INR) 3689 / 2602 1, 6,
More informationMr Aditya Puri MD and CEO. HDFC Bank. It s all about being digital. Key takeaways from CEO Track
BSE Sensex S&P CNX 28,797 8,867 Detailed Report Sector: Financials CMP: INR1,291 TP: INR1,450 (+12%) Buy Mr Aditya Puri MD and CEO CEO TRACK Stock Info Bloomberg HDFCB IN Equity Shares (m) 2528.2 52-Week
More informationECOSCOPE. 3QFY16 CAD/GDP corrects to 1.3% The Economy Observer. Balance of Payments. See surplus in 4Q and to remain low in FY17; INR to correct still
3QFY16 CAD/GDP corrects to 1.3% See surplus in 4Q and to remain low in FY17; INR to correct still 21 March 216 ECOSCOPE The Economy Observer Balance of Payments 3QFY16 CAD/GDP at 1.3% and trade deficit
More informationCMP: INR2,013 TP: INR2,384 (+18%) DBEL to be merged with OCL India
BSE SENSEX S&P CNX 27,459 8,497 CMP: INR2,013 TP: INR2,384 (+18%) DBEL to be merged with OCL India 7 November 2016 Update Sector: Cement Dalmia Bharat Buy Stock Info Bloomberg DBEL IN Equity Shares (m)
More informationCan Fin Homes BUY. 23 September 2015 INR821
SECTOR: FINANCIAL Can Fin Homes STOCK INFO. BSE Sensex : 25590 BLOOMBERG CANF:IN BUY S&P CNX : 7812 REUTERS CODE CNFH.NS Re-Initiating Coverage INR821 Y/E MARCH FY15 FY16E (INR CR) FY17E We recommend 'BUY'
More informationCMP: INR1,497 TP: INR1,790 (+20%)
21 April 2017 4QFY17 Results Update Sector: Financials HDFC Bank BSE SENSEX S&P CNX 29,365 9,119 Bloomberg HDFCB IN Equity Shares (m) 2,562.6 M.Cap.(INRb)/(USDb) 3,836.6 / 59.4 52-Week Range (INR) 1500
More informationHardick Bora
BSE Sensex S&P CNX 19,990 6,069 Bloomberg JOL IN Equity Shares (m) 159.3 M.Cap. (INR b)/(usd b) 26.0/0.5 52-Week Range (INR) 248/154 1,6,12 Rel. Perf. (%) -18/-28/-34 Financials & Valuation (INR b) Y/E
More informationBajaj Finance. CMP: INR6,381 TP: INR7,194 (+13%) Buy
BSE SENSEX S&P CNX 24,223 7,362 Bloomberg BAF IN Equity Shares (m) 53.3 M.Cap. (INR b)/(usd b) 273.5/4.3 52-Week Range (INR) 6496 / 3919 1, 6, 12 Rel. Per (%) 12/31/69 12M Avg Val (INR M) 291 Free float
More informationCMP: INR279 TP: INR337(+20%) Buy
7 November 2016 2QFY17 Results Update Sector: Financials BSE SENSEX S&P CNX 27,459 8,425 Bloomberg ICICIBC IN Equity Shares (m) 5,812.3 M.Cap.(INRb)/(USDb) 1,354.0 / 19.8 52-Week Range (INR) 292 / 181
More informationKotak Mahindra Bank. CMP: INR689 TP: INR685 (-1%) Neutral
BSE SENSEX S&P CNX 26,657 8,066 Bloomberg KMB IN Equity Shares (m) 1825.7 M.Cap. (INR b) / (USD b) 1,257.2/19.3 52-Week Range (INR) 744 / 532 1, 6, 12 Rel. Per (%) 2/5/28 Avg Val(INR m)/vol 000 1378 Free
More informationBata India. CMP: INR415 TP: INR483 (+16%) Upgrade to Buy Aggressive, focused strategy to drive growth. Upgrading to Buy
BSE SENSEX S&P CNX 26,393 8,143 Stock Info Bloomberg BATA IN Equity Shares (m) 128.5 52-Week Range (INR) 614 / 400 1, 6, 12 Rel. Per (%) -6/-24/-17 M.Cap. (INR b) 53.3 M.Cap. (USD b) 0.8 Avg Val, INRm
More informationCMP: INR107 TP: INR125 (+16%) Buy
BSE SENSEX S&P CNX 29,918 9,304 Bloomberg FB IN Equity Shares (m) 1,719.0 M.Cap.(INRb)/(USDb) 184.7 /2.7 52-Week Range (INR) 109 / 44 1, 6, 12 Rel. Per (%) 17/24/115 Avg Val, INRm 693 Free float (%) 100.0
More informationCMP: INR949 TP: INR1,140 (+20%) Buy
BSE SENSEX S&P CNX 26,766 8,204 Stock Info Bloomberg PVRL IN Equity Shares (m) 46.7 52-Week Range (INR) 977/617 1, 6, 12 Rel. Per (%) 3/15/47 M.Cap. (INR b)/ (USD b) 44.3/0.7 Avg Val ( INR m) 157 Free
More informationSanjay Jain Pavas Pethia
BSE Sensex S&P CNX 19,561 5,923 Bloomberg SAIL IN Equity Shares (m) 4,130.4 M.Cap. (INR b)/(usd b) 334.6/6.2 52-Week Range (INR) 116/76 1,6,12 Rel. Perf. (%) -11/-17/-38 Financials & Valuation (INR b)
More informationDecent performance by the sector in a tough quarter
Sector Update 17 February 2017 Cement MOSL Cement Universe volume (mt) trend Volume (mt) 3QFY17 YoY 5.5-9% 11.4-1% 1.7-11% 2.4 21% 4.9 3.6 20% 1.9-1.8 2.0 2 1.3 19% Volumes in Jan-17 revive to pre-demonetization
More informationCMP: INR915 TP: INR1,050(+15%) Buy
28 April 2017 4QFY17 Results Update Sector: Financials Kotak Mahindra Bank BSE SENSEX S&P CNX 30,030 8,476 Bloomberg KMB IN Equity Shares (m) 1,834.4 M.Cap.(INRb)/(USDb) 1679.5 / 24.9 52-Week Range (INR)
More informationCMP: INR1,735 TP: INR2,000(+15%)
24 July 2017 Results Update Sector: Financials HDFC Bank BSE SENSEX S&P CNX 32,246 9,966 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team.
More informationAmara Raja Batteries. CMP: INR517 TP: INR560 Buy
BSE SENSEX S&P CNX 25,665 7,672 Bloomberg AMRJ IN Equity Shares (m) 170.8 M.Cap. (INR b) / (USD b) 88.2/1.4 52-Week Range (INR) 520/208 1, 6, 12 Rel. Per (%) 5/21/97 Financials & Valuation (INR Million)
More informationCMP: INR1,044 TP: INR970 (-7%) Neutral Sale of Healthcare business margin accretive
BSE SENSEX S&P CNX 24,646 7,485 4 March 2016 Update Sector: Capital Goods Siemens CMP: INR1,044 TP: INR970 (-7%) Neutral Sale of Healthcare business margin accretive Stock Info Bloomberg SIEM IN Equity
More informationCMP: INR1,543 TP: INR1,800 (+17%) Buy
BSE SENSEX S&P CNX 31,955 9,900 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot. Bloomberg BAF IN Equity Shares (m)
More informationCMP: INR388 TP: INR465(+20%) Buy
BSE SENSEX S&P CNX 30,858 9,504 29 June 2017 Update Sector: Technology Tech Mahindra CMP: INR388 TP: INR465(+20%) Buy Steeper-than-anticipated challenges at the start of the year Revenue headwinds to add
More informationCMP: INR1,054 TP: INR1,276 (+21%) Buy
BSE SENSEX S&P CNX 27,850 8,633 Bloomberg BAF IN Equity Shares (m) 535.5 M.Cap.(INR b)/(usd b) 564.4/8.3 52-Week Range (INR) 1180 / 560 1, 6, 12 Rel. Per (%) 21/-3/66 Avg Val, (INR m) 1297 Free float (%)
More informationNiket Shah
BSE Sensex S&P CNX 20,213 6,147 Bloomberg VGRD IN Equity Shares (m) 29.8 M.Cap. (INR b)/(usd b) 14.6/0.3 52-Week Range (INR) 591/180 1,6,12 Rel. Perf. (%) -8/-6/138 Financial summary (INR b) Y/E March
More informationNo major improvement in value proposition expected
Sector Update 18 July 2017 Oil & Gas Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot. Refer to our report on Oil
More informationFinancial integrity intact; FDA resolution the key
BSE Sensex S&P CNX 25,842 7,843 19 November 2015 Update Sector: Healthcare Dr. Reddy s Lab CMP: INR3,287 TP: INR4,000 (+22%) Buy Stock Info Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap. (INR b)/(usd
More informationCMP: INR113 TP: INR180(+59%) Buy Some pricing pressure, but fundamentals are strong
6 July 2017 Update Sector: Metals NMDC BSE SENSEX S&P CNX 31,246 9,638 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot.
More informationCMP: INR350 TP: INR375 Downgrade to Neutral
BSE Sensex S&P CNX 19,497 5,897 Bloomberg COAL IN Equity Shares (m) 6,316.4 M.Cap. (INR b)/(usd b) 2,211/41 52-Week Range (INR) 386/301 1,6,12 Rel. Perf. (%) 1/-11/-5 Financials & Valuation (INR b) Y/E
More informationCMP: INR830 TP: INR1,040(+25%) Buy Driving value through simplification
BSE SENSEX S&P CNX 30,435 9,429 18 May 2017 Update Sector: Utilities CMP: INR830 TP: INR1,040(+25%) Buy Driving value through simplification Stock Info Bloomberg IN Equity Shares (m) 133.2 52-Week Range
More informationOil & Gas. India FY16 POL consumption growth at 8 year high of 11% Petroleum, oil and lubricants (POL) consumption grows at double digits
13 April 2016 India POL consumption growth at 8 year high of 11% Except kerosene, all products grew at 8-25%; Gasoline/diesel at 14.5%/7.5% Petroleum, oil and lubricants (POL) consumption grows at double
More informationKotak Mahindra Bank. CMP: INR495 TP: INR429 Neutral
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg KMB IN Equity Shares (m) 689.3 52-Week Range 515/333 1,6,12 Rel.Perf.(%) 0/12/31 M.Cap. (Rs b) 340.5 M.Cap. (US$ b) 6.7 25 January 2012 3QFY12 Results Update Sector:
More informationCMP: INR9,853 TP: INR10,712 (+9%) Buy
BSE SENSEX S&P CNX 27,977 8,591 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg BAF IN Equity Shares (m)
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BSE SENSEX S&P CNX 27,430 8,485 Stock Info Bloomberg IN Equity Shares (m) 211.9 52-Week Range (INR) 1433/963 1, 6, 12 Rel. Per (%) -4/-21/-17 M.Cap. (INR b) 231.0 M.Cap. (USD b) 3.4 Avg Val, INRm 93.6
More informationSignificant value unlocking on the cards
BSE Sensex S&P CNX 25,779 7,843 29 September 2015 Update Sector: Financials IDFC CMP: INR139 TP: INR205 (+48%) Buy Significant value unlocking on the cards Story intact; strong earnings growth ahead Stock
More informationCMP: INR158 TP: INR199 (+26%) Buy NTPC FY16 annual report analysis
BSE SENSEX S&P CNX 28,060 8,650 Stock Info Bloomberg NTPC IN Equity Shares (m) 158.0 52-Week Range (INR) 170/112 1, 6, 12 Rel. Per (%) 1/10/24 M.Cap. (INR b) 13449.0 M.Cap. (USD b) 20.1 Avg. Val, INR m
More informationsystemic liquidity. Alpesh Mehta Sohail Halai
June Results Preview 7 July 2014 Financials Technology - Banks Company name Axis Bank Bank of Baroda Bank of India Canara Bank Federal Bank HDFC Bank ICICI Bank Indian Bank Indusind Bank ING Vysya Bank
More informationICICI Bank BUY. Performance Highlights. CMP Target Price `343 `460. Q3FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials
Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Q3FY2019 Result Update Banking Feb 15, 2019 ICICI Bank Performance Highlights Particulars (` cr) Q3FY19 Q2FY19 % chg
More informationJSW Energy. CMP: INR59 TP: INR84 (+42%) Buy Valuations heavily discounting merchant capacities
BSE SENSEX S&P CNX 26,653 8,225 Stock Info Bloomberg JSW IN Equity Shares (m) 1640 52-Week Range (INR) 88 / 54 1, 6, 12 Rel. Per (%) -6/-14/-34 M.Cap. (INR b) 109.9 M.Cap. (USD b) 1.6 Avg Val, INRm 223
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BSE Sensex S&P CNX 28,532 8,810 2 September 2016 Update Sector: Utilities Coal India CMP: INR333 TP: INR370 (+11) Buy Stock Info Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 9/272 1,
More informationCMP: INR164 TP: INR198(+21%) Buy Project commissioning augurs well for capitalization
12 July 2017 Update Sector: Utilities NTPC BSE SENSEX S&P CNX 31,805 9,816 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your
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BSE SENSEX S&P CNX 27,747 8,509 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg EXID IN Equity Shares
More informationCMP: INR64 TP: INR65 (+1%) Neutral Going retail
BSE SENSEX S&P CNX 34,844 10,742 15 January 2018 Update Sector: Financials IDFC Bank CMP: INR64 TP: INR65 (+1%) Neutral Going retail Merger with Capital First provides abundant opportunities Stock Info
More informationREPORT THREADBARE. New accounting standards from FY The ART of annual report analysis
23 February 2015 ANNUAL New accounting standards from FY16-17 Financial reporting set for revamp with introduction of Ind-AS The Government has unveiled a roadmap to implement Ind-AS (equivalent IFRS standards)
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