Buy Bank Of Baroda, target of Rs 400: Emkay
Emkay Global Financial Services has maintained its buy rating on Bank Of Baroda with a price target of Rs 400 in its April 28, 2009 research report.
“Bank of Baroda (BOB) reported a net profit of Rs 7.5 billion, far ahead of our expectation driven by slightly better than expected NII, higher treasury and lower provisions. The NII has grown by 43.0% yoy to Rs 14.7 billion driven by 36.6% yoy growth in the advances and 23bps expansion in NIMs over last year. Highlights of the quarter were: (1) CASA maintained at 34.9% (36.1 % in Q3FY09, 35.8% in Q4FY08), (2) controlling slippages for the year at 0.7% and (3) amount assets restructured or under restructuring at <3%." "We expect the RoE to improve to 18% over FY10 and FY11 which has for long remained subdued at 12-14%, which must definitely help to improve valuations. We maintain our BUY rating on the stock with revised price target of Rs 400 (at 1.0x FY10E ABV and 0.9x FY11E ABV)," says Emkay Global Financial Services' research report.
Tags: Bank Of Baroda, buy, Emkay
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