Brokerage Research Reports share price target

conservatism in the nature of (a) incremental mere 3% AUM growth in H2FY21 with normalization coming through post festive demand, (b) 4.6% NPA and ~2% credit costs (c) modest margins at (5-6%). CIFC's continued focus on right product positioning and conservative strategy place the Co. on revival mode. Resultantly, FY22/23 RoE/RoA bounce back to 16%/2.3% levels respectively. Quality franchise with controlled credit risks at 2x PBV FY23E definitely warrants an upgrade, hence we now value CIFC at PBV of 2.5x...

Background: Indian Bank features among the mid-sized banks in the public sector space. As of 2QFY21, the bank had business of about 8.6tn operating through a network of 5996 branches. Prior to amalgamation with Allahabad bank, Indian Bank's footprint was largely skewed towards the southern states of Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. Now the combined entity has a stronger presence in Central and Eastern states of India too. With RoA of ~0.26%, the bank features amongst the most profitable banks in the PSU space. The bank has...

Indian bank is a mid-sized bank in the public sector, with a loan book size of Rs. 3.6 lakh crore and deposit base of Rs. 5 lakh crore. Allahabad Bank was merged with Indian Bank on 1st April 2020 and operates...

Q2FY21 revenue grew 7.6% YoY led by higher volume (~20%YoY), largely supported by higher rural demand. EBITDA margin expanded 580bps to 27.3% on higher utilization and stringent cost reduction measures. PAT surged 55.1% YoY, while adj. PAT rose 113.1% YoY after adjusting for exceptional item. While volumes have improved, clinker-to-cement conversion ratio has also improved by 2% YoY thereby aiding margin growth. Considering higher volume growth, robust utilization, we are positive...

We expect the company to positively endure its robust pickup in collections, focused book, disbursements and restrained debtors, yet asset quality remains questionable. Hence, we value the stock at Rs. 74 based on ~0.9x FY22E BVPS and our ACCUMULATE rating. Elevated disbursements; Balanced loan book LTFH's focused loan book recorded a mild growth of 1.2% YoY at Rs. 94,172cr, as Rural finance grew 6.7% YoY partially offset by a granular growth in Housing (+0.9% YoY) and de-growth in Infrastructure finance (-2.3% YoY). Salaried class loan book went up...