Hold Bank of India, target of Rs 260: Emkay
Emkay Global Financial Services has reduced its rating on Bank of India to hold with a target price of Rs 260 in its May 08, 2009 research report.
“Bank of India (BOI) reported a net profit of Rs 8.1 billion for Q4FY09 was in line with our expectations. However, the operating performance was slightly weaker with moderate growth in fee income, higher than expected operating expenses and 12% qoq increase in NPAs. The business has seen strong expansion with advances growing at 26.1%yoy to Rs 1.4 trillion while deposit growing by 26.5%yoy to Rs 1.9 trillion. However, higher growth in balance sheet has put some stress on bank’s assets quality, as GNPA increased 11.7% sequentially to Rs 24.7billion during the quarter. Restructured assets at 4.3% of advances also surprised negatively The stock currently trades at valuations of 4.6x FY10E EPS and 1.0 x FY10E ABV, with an FY10 ROE of 24%. We reduce the rating to HOLD as the stock is currently trading near fair value, target price Rs 260,” says Emkay Global Financial Services’ report.
source: Moneycontrol
Tags: bank of india, BOI, Emkay, Emkay Global, india tips, shares, stock market
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