a Yes bank delivered above expectations numbers with PAT growing by 38 % to Rs. 401Crs.
a ROE stands at 26.7 % and the BV at 173.
a P / BV is 2.01, near the low end of the P / B band.
a In growth terms it is delivered better numbers than other peers with quality of growth being exhibited by high ROEs and low NPAs [0.03 %].
a In the concall, the bank mentioned that they are not seeing any restructuring loans for the next 1 to 2 quarters. The bank also mentioned that the maximum hit the bank can take is 0.10% without sacrificing the loan growth, over the next 1to 2 qtrs.
a YESBANK- 348, has corrected 23 % this month and stock has been correcting from high of Rs. 547(May 2013) to low of Rs. 342 almost 36 % from high level after making double top formation & now stock is near a major Wedge pattern support.
The stock for Target of Rs.700 in next 12 months and we advise to Accumulate the stock for the said target.
a Yes Bank will deliver growth in numbers in line with our expectations. RBI measures since being short term, will not change the outlook for bank for the next 2 to 3 years. Since July 16th, 2013 the stock is down by Rs. 151 to Rs. 348; the fall coinciding with the twin RBI measures.
a This does present a good opportunity to buy for the medium to long term
- A K Prabhakar
Senior Vice President - Equity Research
Anand Rathi -
4 th Floor , Silver Metropolis, Jaicoach Compound Opposite Bimbisar Nagar,
Goregaon (East), Mumbai - 400 063. India
Tel No: +91 22 4001 3700, Direct: +91 22 4001 3999,
Fax No: +91 22 4001 3770
Website: www.rathi.com
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