Arihant Capital recommended hold rating on Yes Bank with a target price of Rs 187 in its research report dated April 30, 2019.
Arihant Capital's research report on Yes Bank
Yes Bank’s result for Q4FY19 under the leadership of new CEO was a reflection of management’s shift towards conservative approach and re-building the credibility of the bank. It has reported a loss of Rs 1507 cr, largely due to higher provisioning made during the quarter. The bank has made contingent provision of Rs 2100 cr towards a loan book of Rs ~10000 cr (BB & below rated) which was identified as stressed. These assets come under the corporate segment and include 5-6 accounts from real estate, infra and media & telecom sector.
We downgrade our rating to ‘Hold’ from ‘Accumulate’ with a revised target price of Rs 187.
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