Yes Bank likely to test Rs 407

With 18.4 percent capital adequacy (tier-1 13.2 percent), the bank is well capitalised for 30 percent loan growth over FY’19-20. Our April 2019 target of Rs 407 is based on the two-stage dividend discount model.

Strong traction in Yes Bank’s balance sheet continues. Asset quality as one of the best in the industry among corporate lenders persists. The credit book increased 54 percent YoY, driven equally by its corporate and commercial books. We believe the growth momentum would persist.

Deposits rose 40.5 percent YoY with strong traction in CASA deposits. We expect its retail-deposit franchise and granularity in deposits to further improve.

The GNPA ratio improved to 1.28 percent (down 24bps YoY, 44bps QoQ). We expect the bank to maintain stable asset quality over FY19-20.

With 18.4 percent capital adequacy (tier-1 13.2 percent), the bank is well capitalised for 30 percent loan growth over FY’19-20. Our April 2019 target of Rs 407 is based on the two-stage dividend discount model. This implies a 2.7x P/ABV multiple on its FY20e book.

MORE WILL UPDATE SOON!!

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