Buy Yes Bank; target Rs 355: Firstcall Research

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Buy Yes Bank; target Rs 355: Firstcall Research

Firstcall Research has recommended buy rating on Yes Bank with a target price of Rs 355 in its November 04, 2011 report.

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Firstcall Research has recommended buy rating on Yes Bank with a target price of Rs 355 in its November 04, 2011 report.

"Yes Bank has posted a net profit of Rs 2,350.2 million for the quarter ended Sept. 30, 2011 as compared to Rs 1,762.6 million for the quarter ended Sept. 30, 2010, reflecting an increase of 33.34%. Total income has increased from Rs. 10,847.9 million for the quarter ended September 30, 2010 to Rs. 16,527 million for the quarter ended September 30, 2011, representing a surge of 52.35%. The EPS of the bank is stood at Rs.6.69 for the quarter ended Sep 2011."

"Gross NPAs and Net NPAs were at 0.20% & 0.04%, respectively as of Sept 30, 2011compared to 0.22% Gross NPA and 0.06% Net NPA as of Sept 30, 2010. Restructured advances (excluding NPAs) stand at Rs 1,755 million (0.51% of Gross
Advances) as at Sept 30, 2011."

"Total Advances grew by 12.7% to Rs 34,1941 crore as at September 30, 2011 from Rs.30,348.1 crore as at September 30, 2010. Total Deposits grew by 10.2% to Rs. 44,075.9 crore as at September 30, 2011 from Rs 40, 013.7crore as at September 30, 2010. Current and Savings Account (CASA) ratio remained stable at 11.0% as of September 30, 2011 with CASA deposits at Rs.4,838.8 crore."

"At the current market price of Rs.314.20, the stock is trading at 11.75 x FY12E and 9.93 x FY13E respectively. Earning per share (EPS) of the bank, the earnings for FY12E and FY13E is seen at Rs.26.74 and Rs.31.64 respectively. Net income and PAT of the bank are expected to grow at a CAGR of 45% and 32% over 2010 to 2013E respectively. Price to Book Value of the stock is expected to be at 2.33 x and 1.89 x respectively for FY12E and FY13E. We recommend 'BUY' in this particular scrip with a target price of Rs 355 for medium term investment, says Firstcall Research report.

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