8/11/2019 Stock Reco 10072014 Fs
1/6
JULY 10, 2014
PRIVATE CLIENT RESEARCH
Stock Recommendations
Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x)
RoE (%) P/ABV (x)
Name of the Company Cap Report on latest price Reco as on
(Down-
(Rs mn) Date Report target* 10-Jul side) FY15E FY16E FY15E FY16E
FY15E FY16E FY15E FY16E
(Rs) (Rs) (Rs) (%)
Banking
Allahabad Bank 61,250 08-May-14 95 87 SELL 123 (29.0) 22.6 25.0
5.4 4.9 11.0 11.6 1.2 1.1
Andhra Bank 50,138 13-May-14 65 62 REDUCE 90 (30.8) 8.8 12.8
10.2 7.0 6.0 8.4 1.1 1.0
Axis Bank 769,399 24-Jun-14 1,883 2,080 BUY 1,862 11.7 143.6
163.2 13.0 11.4 16.6 16.8 2.1 1.9
Bank of Baroda 340,395 14-May-14 878 935 ACCUMULATE 825 13.3
121.5 144.3 6.8 5.7 14.2 14.8 1.1 1.0
DCB Bank 19,911 16-Apr-14 65 76 BUY 80 (4.5) 6.6 7.9 12.1 10.1
13.5 14.0 1.6 1.4
HDFC Bank 1,959,079 23-Apr-14 726 810 BUY 823 (1.6) 43.3 52.7
19.0 15.6 22.3 22.7 4.0 3.3
ICICI Bank 1,601,420 16-Jun-14 1,428 1,626 BUY 1,389 17.1 96.8
111.5 14.3 12.5 14.5 15.0 2.1 1.9
Indian Bank 72,330 15-May-14 138 152 ACCUMULATE 168 (9.7) 28.0
32.0 6.0 5.3 10.8 11.3 0.9 0.8
Indian Overseas Bank 58,699 12-May-14 60 50 SELL 74 (32.1) 6.2
8.2 11.9 9.0 5.3 6.9 1.0 1.0
Jammu & Kashmir Bank 77,214 19-May-14 1,827 2,070 BUY 1,592
30.0 278.9 337.5 5.7 4.7 21.9 22.2 1.2 1.0
Punjab National Bank 310,029 14-May-14 800 750 REDUCE 914 (17.9)
103.2 109.7 8.9 8.3 10.1 9.8 1.2 1.1
State Bank of India 1,708,267 26-May-14 2,755 2,987 ACCUMULATE
2,546 17.3 164.8 194.5 15.4 13.1 10.2 11.1 2.0 1.9
Union Bank of India 109,247 09-May-14 135 143 REDUCE 198 (27.9)
26.6 31.5 7.5 6.3 9.6 10.6 1.0 1.0
NBFCs
HDFC Ltd 1,503,487 07-May-14 877 940 ACCUMULATE 1,023 (8.1) 40.2
46.1 25.4 22.2 21.3 21.7 5.4 4.8
IDFC 229,198 29-Apr-14 114 146 BUY 152 (3.7) 13.7 16.1 11.1 9.4
12.9 13.7 1.4 1.2
LIC Housing Finance 154,518 23-Apr-14 279 336 BUY 325 3.3 31.0
34.8 10.5 9.3 19.1 18.3 2.0 1.7
Mahindra & Mahindra Financial Services 122,687 25-Apr-14 245
273 ACCUMULATE 256 6.5 18.3 21.7 14.0 11.8 18.9 19.4 2.8 2.4
Shriram Transport Finance Co 203,090 02-May-14 733 790
ACCUMULATE 907 (12.9) 62.5 71.9 14.5 12.6 16.9 16.9 2.2 2.0
S
STOCK RECOMMENDATIONS
