Religare's research report on Yes Bank
We discussed the impact of currency demonetisation with the YES management. Key takeaways: (1) CASA deposit influx over the past 10 days equals 3-4% of YES’s existing deposits; (2) management plans to go slow on bulk deposits given the retail surge; (3) deposit rates likely to rationalise over the next 1.5-2 years, boosting margins; (4) loan growth guidance intact at 30% for FY17; (5) no headwinds expected on asset quality of the SME LAP/developer financing book even if property prices were to correct 25-30%. We maintain BUY on the stock with a Sep’17 TP of Rs 1,600.
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