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Buy Kotak Mahindra Bank; target of Rs 2173: Geojit

Geojit is bullish on Kotak Mahindra Bank has recommended buy rating on the stock with a target price of Rs 2173 in its research report dated July 28, 2022.

July 29, 2022 / 05:04 PM IST
The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

 
 
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Geojit's research report on Kotak Mahindra Bank


Kotak Mahindra Bank is one of the leading banking and financial groups in India. KMB has 1,700 full-fledged branches and 2,705 ATMs. Net interest income (NII) in 1QFY23 stood at Rs. 6,160cr (up 18.6% YoY and 3.8% QoQ) driven by the strong growth across corporate/ wholesale banking and retail banking segments. Net interest margin improved to 4.92%. Reported PAT grew at 52.6% YoY to Rs. 2,755cr due to a drastic reduction in operating expenses. Sequentially, however, PAT was down 29.2% QoQ, because of lower non-interest income. Strong parentage, well-established business infrastructure, strong asset quality, robust growth in advances, and reduction in NPA auger well for the bank’s performance going forward.



Outlook


Hence, we reiterate our BUY rating on the stock albeit with a revised target price of Rs. 2,173 based on 3.4x FY24E BVPS.

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Kotak Mahindra Bank - 280722 - geo

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first published: Jul 29, 2022 05:04 pm
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