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Buy Yes Bank, target of Rs 60: Sunidhi Securities

Posted on: March 23rd, 2009 and is filed under Brokerage Recommendations.

Sunidhi Securities & Finance has recommended a buy rating on Yes Bank with a target price of Rs 60 in its March 23, 2009 research report. “Yes Bank’s balance-sheet and advances have grown by 130 per cent (compounded annually) in the last four years ended March 2008, whereas the deposits grew at 170 per cent (annualised rate) in the same period.

During Q3FY09, total income rose 64% to Rs 726 crore and net profit by 95% to Rs 106 crore. NIM and NP margin stood at 2.8% & 14.6% respectively. NPA to net advnces stood at 0.15% and capital adequacy ratio at 14.6%. Its balance sheet grew by 31% to Rs 19, 747 crore (YoY). We recommend ‘BUY’ with a target of Rs 60 in the medium term,” says Sunidhi Securities & Finance’s research report.

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