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Feb 16, 2017, 04.39 PM | Source: Moneycontrol.com

Buy Reliance Capital; target of Rs 540: ICICI Direct

ICICI Direct is bullish on Reliance Capital has recommended buy rating on the stock with a target price of Rs 540 in its research report dated February 14, 2017.

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Buy Reliance Capital; target of Rs 540: ICICI Direct

ICICI Direct is bullish on Reliance Capital has recommended buy rating on the stock with a target price of Rs 540 in its research report dated February 14, 2017.

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ICICI Direct's research report on Reliance Capital

PAT came in at Rs 209 crore, a dip of 11% YoY and 17% QoQ vs. our estimate of Rs 246 crore. Q2FY17 had one-off capital gains booked of Rs 50-60 crore and higher provision in general insurance (GI) at Rs 74 crore. With these one-offs factored in, topline declined 19% QoQ to Rs 3963 crore.

Outlook

Adjusted RoE is expected to gradually move to double digits in two or three years. The stock is trading at 0.8x for FY18E forward P/ABV. We upgrade rating from HOLD to BUY, maintaining our target price at Rs 540/share on SoTP basis. We have built in 15% holding company discount.

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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 Reliance Capital; target of Rs 540: ICICI Direct

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