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Buy Bank Of Baroda, target of Rs 310: Emkay Global
Emkay Global Financial Services has maintained its buy rating on Bank Of Baroda with a target of Rs 310. Bank of Baroda (BOB) reported a net profit of Rs 3.9 billion, marginally ahead of expectation driven by higher NII and fee income growth coupled with lower operating expenditure.
Emkay Global Financial Services has maintained its buy rating on Bank Of Baroda with a target of Rs 310 in its November 3, 2008 research report. "Bank of Baroda (BOB) reported a net profit of Rs 3.9 billion, marginally ahead of our expectation driven by higher NII and fee income growth coupled with lower operating expenditure. The growth in NII at 15.5% to Rs 11.3 billion was inline with expectations. The growth in NII was led by healthy advances growth."
"We have revised our estimates for FY09 and FY10 by 14% each to take into account robust Q2FY09 numbers. The stock is currently quoting at 4.5x its FY10E EPS and 0.6x FY10E ABV. The bank is likely to report a RoE of 15.0% for FY10E. We maintain our BUY rating on the stock with a price target of Rs 310," says Emkay Global Financial Services' research report.
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