Moneycontrol
May 08, 2017 06:05 PM IST | Source: Moneycontrol.com

Buy ICICI Bank; target of Rs 345: HDFC Securities

HDFC Securities is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 345 in its research report dated May 04, 2017.

Buy ICICI Bank; target of Rs 345: HDFC Securities

HDFC Securities' research report on ICICI Bank


ICICIBC’s 4Q results were a pleasant surprise, with (1) A sharp drop in net stressed assets, (2) Healthy domestic loan growth at 14%, led by retail, (3) NIM improvement, (4) Controlled opex (+2% QoQ), (5) Sustained momentum in CASA and (6) In-line net earnings, despite reversals of Rs 2.9bn towards foreign currency translation gains.


Outlook


However, we remain admirers of ICICIBC’s rising granularity in the B/S and P&L (fees), healthy capital position and expected value unlocking in subs. Maintain BUY with a SOTP of Rs 345 (1.75x Mar-19E ABV of Rs 146 + Rs 89 from subs).


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