January 24, 2017 / 12:35 IST
ICICI Direct's research report on Yes Bank The bank fell short of its Version 2.0 (launched in 2010) targets such as 750 branches, 3000 ATMs, Rs 1.25 trillion deposit, Rs 1 trillion credit, 30% retail/SME credit & 30% CASA ratio by FY15. This was due to a slowdown in the economy. However, it still delivered a better performance vs. peers under Version 3.0. Largely, it aims to strengthen the retail presence on both the deposit (targets 60% of deposits from retail) and credit (targets 45% retail including SME) front.
Outlook
We have factored in capital raising of Rs 6500 crore in FY17E resulting in dilution of 13% & book value accretion of 20%. With resilient performance on growth as well as asset quality, we revise our target multiple upwards at 2.5x FY18E ABV. Consequently, we broadly maintain our estimates. We revise our target price to Rs 1400 (Rs 1300 earlier). We maintain HOLD.
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