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Buy State Bank of Travancore, target Rs 1260:Sushil Finance
Sushil Finance has recommended a buy rating on State Bank of Travancore with a target price of Rs 1260. The key positive factors that make the bank an attractive buy are well managed asset quality, strong business growth, well-capitalized with CAR of +14% and Tier I of +9%, high margins.
Sushil Finance has recommended a buy rating on State Bank of Travancore with a target price of Rs 1260 in its August 21, 2009 research report.
"We initiate coverage on the Bank with a 'Buy' rating and a target price of Rs. 1260 (considering ABV multiple of 1.9x, given its high sustainable ROE of +25%). The key positive factors that make the bank an attractive buy are well managed asset quality, strong business growth, well-capitalized with CAR of +14% and Tier I of +9%, high Margins, high CASA share, strong network base and very high franchise value, coupled with +3% dividend yield," says Sushil Finance's research report.
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To read the full report click on the attachment......
