ICICI Direct's research report on Kotak Mahindra Bank
Kotak Mahindra Bank (KMB) is a powerful banking franchise, with promoter stake at 26% and strong promoter led management. It has a presence across the financial services value chain. CASA forms 60.6% of total deposits aiding lower costs Strong RoA of 1.8%and RoE of 12-13% make it a good profitable bank
We stay positive on fundamentals expecting healthy business growth ahead. Thus, we maintain our BUY rating We value standalone bank at ~4.5x FY24E ABV and subsidiaries at Rs 523 post holding company discount giving SOTP target of Rs 2550
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