Hold Punjab National Bank: target of Rs 42: Sharekhan
Sharekhan recommended hold rating on Punjab National Bank with a target price of Rs 42 in its research report dated February 08, 2021.
February 11, 2021 / 01:06 PM IST
Sharekhan's research report on Punjab National Bank
Operational performance was reasonably strong, but asset-quality outlook continues to be uncertain. The Proforma Gross NPA and Proforma Net NPA ratio at 14.71% and 5.65%, respectively, are not materially ahead of reported numbers. Collections efficiency dipped in December, taking Q3 CE to 88%; but it was 92% till November.
PNB currently trades at 0.8x/0.60x its FY2022E/FY2023E ABVPS, we maintain our Hold rating with a revised PT of Rs. 42.
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