Buy CSB Bank; target of Rs 320: ICICI Direct

"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.

More Info on Trent

At 17:30 CSB Bank was quoting at Rs 239.10, down Rs 4.55, or 1.87 percent.

It has touched an intraday high of Rs 245.50 and an intraday low of Rs 235.00.

It was trading with volumes of 730,093 shares, compared to its thirty day average of 44,079 shares, an increase of 1,556.35 percent.

In the previous trading session, the share closed down 0.39 percent or Rs 0.95 at Rs 243.65.

The share touched its 52-week high Rs 372.95 and 52-week low Rs 215.05 on 05 July, 2021 and 28 January, 2021, respectively.

Currently, it is trading 35.89 percent below its 52-week high and 11.18 percent above its 52-week low.

Market capitalisation stands at Rs 4,148.05 crore.

For all recommendations report, click here

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