Buy City Union Bk, target of Rs 32: Sushil Finance
Sushil Finance has recommended a buy rating on City Union Bank with a target of Rs 32 in its report June 18, 2009 report.
“Key strengths of the Bank are high margins of +3.0%, one of the lowest opex ratio of 38%,well-capitalized with CAR of 12.5% (supported by very high percentage of Tier-I capital of +10%), High CD Ratio of 69%, strong business growth of +30% over FY07-09, Low AFS portfolio of around 20% and high sustainable ROE of 19% supported by high ROA of 1.4%. Key weakness is very low CASA of 19% and lower NPA coverage ratio of 40%. The stock is currently trading at 1.1x FY10E ABV and 5.3x FY10E Earnings with a sustainable ROE of 19%, Buy, ” says Sushil Finance’s research report.
source: Moneycontrol
Tags: banking sector in 2009, buy or sell banking stocks, city union bank, NSE Tips, sushil finance
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