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Federal Bank: Can a decent quarter and attractive valuations outweigh COVID-19 concerns?

Buy the stock gradually only on deep cuts in the market for the long-term

May 29, 2020 / 09:56 AM IST
Federal Bank: Can a decent quarter and attractive valuations outweigh COVID-19 concerns?

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

Highlights - Decent core performance in the March quarter - High treasury gains bump up pre-provision profit - COVID-19 provisions and higher provision cover dent PAT - Moratorium picture not too comforting - Post COVID-19 asset quality a big question mark especially in mid-corporate segment - Diversified asset book, granular stable deposits key positives - Buy only on deep cuts in the market despite undemanding valuations Federal Bank’s (CMP: Rs 43, Market Cap: Rs 8520 crore) stock has corrected by a whopping 55 percent in the past four...

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