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Why investors should shun Yes Bank’s FPO

Though prima facie Yes Bank's FPO price looks enticing, it hides more than it reveals. We do not see Yes Bank embarking on a sustainable profitable journey anytime soon and we doubt if the structural flaws can be reversed in a hurry

July 14, 2020 / 09:11 PM IST
Why investors should shun Yes Bank’s FPO

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

Madhuchanda Dey Moneycontrol Research Highlights - FPO necessary to shore up capital that has fallen below regulatory threshold - The book quality is still a suspect, Covid-19 could actually worsen it - Book doesn’t have granular diversified exposure like peer banks - Deposit franchise weak – this is key to a profitable journey - Capital raising may not create headroom to start lending - We do not see a profitable future for Yes Bank – investors should avoid this FPO Yes Bank is facing formidable challenges despite the rescue...

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