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Why investors should say no to Yes Bank

The ride ahead is bumpy for Yes Bank and hence, best avoided especially since a lot of high quality peers are now available at a bargain in the ongoing correction.

May 07, 2020 / 09:20 PM IST
Why investors should say no to Yes Bank

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 - Huge decline in deposits takes credit-to-deposit ratio to an uncomfortable zone - Slippage less due to COVID-19 moratorium - Stressed asset book not provided for can erode net worth - Reported profit in the quarter due to AT1 bond write down - Asset book still corporate heavy, has vulnerable SME/MSME and low share of retail - Low capital buffer clips ability to grow - New investors should avoid Yes Bank (CMP: Rs 26, Market Cap: Rs 33,070 crore) has found stability with the country’s largest lender...

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