Buy Punjab National Bank; target of Rs 64: Sharekhan

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Sharekhan's research report on Punjab National Bank

We believe improvement in the bank’s core RoA is expected to drive strong outperformance in the near to medium term. Better core RoA would be driven by sustained healthy loan growth, better margins, and normalisation of credit cost. We believe correction (~18-20%) in the stock seems to be overdone due to Adani-Hindenburg saga and provides good opportunity to add due to improving business outlook.

Outlook

Stock currently trades at 0.6x/0.5x its FY2024E/25E ABV. We reiterate our buy rating on the stock with an unchanged PT of Rs. 64.

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Punjab National Bank - 10 -03 - 2023 - khan