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Buy CSB Bank; target of Rs 320: ICICI Direct

ICICI Direct is bullish on CSB Bank recommended buy rating on the stock with a target price of Rs 320 in its research report dated January 24, 2022.

January 31, 2022 / 12:30 PM IST

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

 
 
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ICICI Direct's research report on CSB Bank

CSB Bank is a south based private sector bank with Kerala contributing ~50% of the total business. Changed strategy in various aspects of lending has led to transformation and improved performance in the past few years. Gold, SME key lending segments comprising 37%, 13%, respectively, of book • Liability franchise is healthy with loyal customer base of ~19 lakh.

Outlook

We retain our BUY rating on the stock. We value CSB Bank at ~1.7x FY24E ABV and keep unchanged our target price at Rs 320.