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Last Updated : Sep 18, 2018 02:22 PM IST | Source: Moneycontrol.com

Buy Kotak Mahindra Bank; target of Rs 1526: KR Choksey

KR Choksey is bullish on Kotak Mahindra Bank has recommended buy rating on the stock with a target price of Rs 1526 in its research report dated July 20, 2018.

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KR Choksey's research report on Kotak Mahindra Bank


Advances at INR 1769.3 bn grew at a steadily by 24% yoy led by 29% growth in the retail book and 21% growth in the corporate book. The growth in advances is majorly supported by small business/PL/credit card book which grew at a higher rate of 43% followed by CV financing which grew at  40%. NII at INR 25.8 bn grew 15% yoy/ flat qoq. Immediate effect of increase in the cost of funds led to 18 bps contraction in NIMs (calc.) qoq, which should be offset by increase in MCLR rates which is to come with a lag.


Outlook


We maintain BUY with SOTP value of INR 1,526 (5x FY20E ABV + INR 278 for the subsidiaries).


For all recommendations report, click here


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First Published on Jul 26, 2018 05:14 pm
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