Anand Rathi is bullish on IndusInd Bank has recommended buy rating on the stock with a target price of Rs 1914 in its research report dated January 09, 2019.
Anand Rathi's research report on IndusInd Bank
Across key parameters IIB reported another quarter of strong growth. Advances/PPOP/NII were up 35%/27%/21%. Provisions made for the exposure to IL&FS, however, dragged on profitability. We are sanguine about its loan-growth prospects and its asset quality (barring the IL&FS exposure), given its low stressed pipeline and insignificant restructured portfolio. We retain our Buy recommendation.
Our Jan?19 target of `1,914 is based on the two-stage DDM model. This implies a ~3.1x P/ABV multiple on its FY21e book.
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