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Decoding ICICI Securities’ depressed valuation: Will the stock re-rate?

Despite a stellar performance, ICICI Securities' stock has underperformed in the past one year

April 26, 2021 / 04:23 PM IST
Decoding ICICI Securities’ depressed valuation: Will the stock re-rate?

A man reads information on an electronic screen at a brokerage house in Shanghai April 22, 2008. China's main stock index tumbled more than 4 percent to a fresh 13-month low on Tuesday before bouncing sharply to end higher, led by financials. REUTERS/Aly Song (CHINA) - GM1E44M17S201

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

ICICI Securities (CMP: Rs 449; Market Cap: Rs 14,458 crore) has truly prospered during the pandemic, amid all gloom and doom. ISec’s net profit more than doubled year-on-year (YoY) in Q4 FY21, aided by strong growth across all business segments – broking, distribution, wealth management and investment banking --  and solid cost control. Overall, ISec’s FY21 earnings reaffirmed that it has been quiet successful during these unprecedented times as alluded to in our note last year. (image) Among many positives ,...

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