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Buy Kotak Mahindra Bank; target of Rs 2175: ICICI Direct

ICICI Direct is bullish on Kotak Mahindra Bank recommended buy rating on the stock with a target price of Rs 2175 in its research report dated January 22, 2023.

January 24, 2023 / 07:51 PM IST
 
 
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ICICI Direct's research report on Kotak Mahindra Bank

Kotak Mahindra Bank (KMB) is a powerful banking franchise, with promoter stake at ~26% and strong promoter led management. It has a presence across the financial services value chain. CASA forms ~53% of total deposits aiding lower costs • Superior RoA of ~2% and RoE of ~12%.

Outlook

We maintain BUY rating on the stock. Rolling to FY25E, we value the standalone bank at ~3.35x FY25E ABV and subsidiaries at ~Rs 497 post holding company discount giving an SOTP target of Rs 2175.