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Feb 14, 2017, 01.54 PM | Source: Moneycontrol.com

Buy Bank of Baroda; target of Rs 208: HDFC Securities

HDFC Securities is bullish on Bank of Baroda has recommended buy rating on the stock with a target price of Rs 208 in its research report dated February 13, 2017.

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Buy Bank of Baroda; target of Rs 208: HDFC Securities

HDFC Securities is bullish on Bank of Baroda has recommended buy rating on the stock with a target price of Rs 208 in its research report dated February 13, 2017.

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HDFC Securities' research report on Bank of Baroda

NIM dipped 23bps QoQ to 2.1%, led by interest reversals of Rs 2.6bn towards SDR and S4A exposures and Rs 920mn towards NPAs. Focus on profitable growth, improving CD ratio (domestic CD ratio at a mere 57% - lowest amongst peers) and increasing share of domestic book provide an upside to our conservative NIM estimate of 2.3% over FY16-18E.

Outlook

We like its focus on profitable growth, higher CRAR, superior PCR, diversified book and lower stressed assets. We expect ROAA to improve 35bps to 0.63% by FY19, with further upside risk to our conservative estimates on growth, NIM and LLP. Maintain BUY with TP of Rs 208 (1.4x Dec-18 ABV of Rs 149).

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Buy Bank of Baroda; target of Rs 208: HDFC Securities

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