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Buy ICICI Securities; target of Rs 578: KR Choksey

KR Choksey is bullish on ICICI Securities has recommended buy rating on the stock with a target price of Rs 578 in its research report dated January 27, 2021.

February 02, 2021 / 12:37 PM IST
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KR Choksey's research report on ICICI Securities

Total revenues reported at INR 6.2bn (-8.9% qoq, 46.9% yoy) as against INR 6.8bn / INR 4.2bn in Q2FY21 and Q3FY20, respectively. Revenue de-growth in segment ‘equities and allied activities’ was due to new margin norms which came in force from Dec’20. Distribution revenue grew up to INR 10.8bn (+9% qoq). EBITDA reported at INR 3.97bn (-4.1% qoq/ 79.3% yoy); however, EBITDA margin improved up to 64% (+319bps qoq / +1158bps yoy) on the back of reduction in employee expenses (-27% yoy / -2.3% yoy). Cost to income ratio has been improved up to 42.3% (-299bps qoq, -1398bps yoy). PBT reported at INR 3.6 bn (-3.9% qoq / 93.3% yoy). PBT margin reported at 57.7% (+300bps qoq / +1386bps yoy). PAT reported at INR 2.7 bn (-4.0% qoq / 94.6% yoy). PAT margin reported at 43.1% (+220bps qoq / +1056bps yoy). ROE stood at 71% (-500bps qoq / +2000 bps).


We assign P/E multiple of 18x to our FY23E EPS of INR 32.1 to arrive at target price of INR 578/share (Previous target price: INR 565/share). We maintain our BUY recommendation on the stock.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Feb 2, 2021 12:37 pm

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