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Accumulate Centurion Bank: Emkay Research
Emkay Research has recommended accumulate rating on Centurion Bank of Punjab. At the current market price of Rs 43, the stock is quoting at 20.7x its FY10E FDEPS and 3.1x FY10E ABV with likely RoE of 15.4% in FY10E.
Emkay Research has recommended accumulate rating on Centurion Bank of Punjab in its January 22, 2008 report. "Centurion Bank of Punjab (CBOP) has reported Rs 483 million of net profit (consolidated for Lord Krishna Bank (LKB)). The NII (net of amortisation) has grown by 38.1% yoy to Rs1.9bn driven 55% growth in assets and NIMs of 3.6% as expected."
The report also says, "The deteriorating asset quality continues to worry as the gross NPA stood at 3.66% of advances and the net NPA stood at 1.69% of advances. We have reduced our estimates for FY08-10E in range of 3-7% to take into account further slippages in the assets. At the current market price of Rs 43, the stock is quoting at 20.7x its FY10E FDEPS and 3.1x FY10E ABV with likely RoE of 15.4% in FY10E. We maintain our accumulate recommendation on the stock with price target of Rs 45."
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