Sat, Aug 03, 2013 at 17:16
Target Price Rs 1,200
Implied Upside 32%
Rationale: ICICI's better-than-expected Q1FY14 was largely treasury driven adjusted for which Q1FY14 was mixed with steady NIMs and improvement in core fees, offset by slowing growth and inch, up in delinquencies. Risks have increased from their lumpy Infra exposures but at 1.2x Sep 14 book, we believe some of these risks are discounted. With the macro uncertainty and slowing growth, we expect a slow recovery as the leveraging, up process has been pushed out to FY15.
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