Motilal Oswal is bullish on South Indian Bank has recommended buy rating on the stock with a target price of Rs 34 in its research report dated June 12, 2017
Motilal Oswal's research report on South Indian Bank
South Indian Bank (SIB) reported PAT growth of 34%/7% QoQ/YoY. PPoP growth stood at 35%/46% QoQ/YoY , led by high trading gains ( ~44% of total other income– second highest in 13 quarters, barring 3QFY17). However,provisions soared 36%/97% QoQ/YoY, restricting YoY PAT growth.
Outlookwe maintain our Buy rating with a TP of INR34.3 (1.1x June 2019E BV, slight increase over earlier multiple of 1.0x Mar 2019 E BV in view of significantly improved visibility of asset quality / profitability).
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