With the appointment of the new MD and CEO from outside the group, we believe the hiatus in the Yes bank’s story is now behind. Mr Ravneet Gill, the current CEO of Deutsche Bank, is one of the better fits, with the experience of running a global, quality corporate bank, with a similar structural and credit culture. This is encouraging and is likely to attract the languishing investor confidence. It is now better poised to attract the much-needed capital faster. We have factored a capital raise of ` ~35bn by the end of 2HFY20. We believe with the bygones, it is likely to witness a faster rerating and is in a better position to achieve its glories days.
OutlookWe upgrade the to a Buy at 2x FY 21E P/ABV.
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