Sushil Finance's research report on IndusInd Bank (IIB)
"IndusInd Bank (IIB) has emerged as one of the leading private sector bank over the last couple of years. Strong advances growth, gradual improvement in NIMs coupled with healthy asset quality over FY09-13 has led to significant re-rating in the stock. With focused approach & well-defined management strategies, we expect IIB to maintain strong growth run-rate going ahead. Lower corporate bond exposure along with higher focus on core-fee income generation offers further impetus to profit growth. Despite current slowdown, we expect advances & deposits to grow at a CAGR of ~24% & 19% resp. over FY13-15E. Minimal exposure to stress sectors & lower restructuring book is likely to keep asset quality intact. Hence considering the above investment arguments & strong growth prospects, we recommend 'HOLD' on the stock with a price target of Rs 475 based on forward P/ABV of 2.2x (5 year avg)," says Sushil Finance research report.
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