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Feb 17, 2017, 10.52 AM | Source: Moneycontrol.com

Sell Andhra Bank; target of Rs 37: Arihant Capital

Arihant Capital is bearish on Andhra Bank has recommended sell rating on the stock with a target price of Rs 37 in its research report dated February 13, 2017.

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Sell Andhra Bank; target of Rs 37: Arihant Capital

Arihant Capital is bearish on Andhra Bank has recommended sell rating on the stock with a target price of Rs 37 in its research report dated February 13, 2017.

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Arihant Capital's research report on Andhra Bank

Andhra Bank reported poor set of numbers for Q3 FY17. Interest earned de-grew by 0.3% YoY. Yield on advances dropped to 9.4 vs. 10.7 YoY and 9.9 sequentially while cost of deposit dropped to 6.3 vs. 7.1 YoY and 6.6 sequentially. Net interest income (NII) therefore decreased by 10.6% on YoY basis to Rs 1,218 cr.

Outlook

Number of branches for the bank stood at 2872, of which 735 are present in rural areas, 762 in semi urban, 656 in urban & 719 in metro localities. ATMs/BNAs/CRs with bank stood at 3764. Total number of delivery channels as on Q3 FY 17 stood at 6674.At CMP, stock is trading at P/ABV of 3.1(x) on FY18E. We have Sell rating on the stock with fair value of Rs 37 at 1.5(x) P/ABV to FY 18E.

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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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Sell Andhra Bank; target of Rs 37: Arihant Capital
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Price when posted: BSE: Rs54.00 ( 0.28 % ), NSE: Rs. 53.90 ( 0.09 % )

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