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Buy Corporation Bank, target of Rs 195: Sunidhi Securities

Posted on: February 19th, 2009 and is filed under Brokerage Recommendations.

Sunidhi Securities & Finance has recommended a buy rating on Corporation Bank with a target price of Rs 195 in its February 17, 2009 research report. “During Q3FY09, total income has gone up by 50 per cent to Rs 1906 crore whereas net profit has gone up 34 per cent to Rs 256 crore. Net margin however, declined form 15% to 12.7%. During the nine months ended December 2008, net profit surged 19% to Rs 632 crore. NP margin stood at 12.7% against 14% in the previous nine months ended December 2007. At CMP of Rs 169, the share is trading at a P/BV of 0.5 (FY09), P/E of 2.8x on FY09E and 2.5x on FY10E. We recommend BUY on the stock with a price target of Rs 195 in the medium term,” says Sunidhi Securities & Finance’s research report.

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