Anand Rathi's research report on Kotak Mahindra Bank
Healthy loan growth and stable asset quality led to Kotak Mahindra Bank’s 4.1% q/q core PPOP growth. The faster than the system loan growth and greater operating efficiencies would drive a 2.2% RoA over FY25-27. On the brighter asset quality outlook, we upgrade the stock to a Buy.
Outlook
Our Rs.2,010 TP stems from the two-stage DDM model. This implies a ~2.1x P/BV on FY27e, with subsidiaries valued at Rs.475 (a 20% holding company discount).
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