MOSL: Morning India (19/May/17)-1.Yes Bank-2. Piramal Enterprises-3. GST; 4. CESC; 5. Bajaj Auto; 6. Bank of Baroda; 6. Pidilite Inds
​MOrning India (19/May/17): 1.Yes Bank; 2. Piramal Enterprises; 3. GST; 4. CESC; 5. Bajaj Auto; 6. Bank of Baroda; 6. Pidilite Inds; 7. United Breweries; 8. Muthoot Finance
Today’s top research idea
Yes: Annual report analysis - A much stronger liability franchise
- ​YES' annual report analysis suggests strong performance across parameters in a challenging environment. Liability franchise has strengthened significantly, with sustained improvement in CASA, improving deposit concentration ratios, and more favorable ALM profile.
- YES reported ~76bp GNPA for FY16, whereas the RBI estimated 5% GNPA. While rule-based accounting (90dpd) allows banks to classify some accounts as standard, RBI may ask banks to classify accounts with inherent weaknesses as NPAs. Bank has fully accounted for divergences in FY17.
- Loan market share increased to 1.7% of the system, while return ratios have been robust - RoA of 1.8% and RoE of 20%. Recent capital raising (INR49b) provides cushion for future growth. YES remains our top pick among mid-sized private banks. Reiterate Buy, with a TP of INR2,110/share.
Piping hot news
12-18% GST rate for most products; foodgrain exempted, 5% tax on coal
- ​The Goods and Services Tax (GST) Council, at its meeting in Srinagar on Thursday, approved rates for about 1,200 items, boosting the chances of a July 1 roll-out and also sending a signal to the industry to be ready for the indirect tax regime.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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