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Increased risk weighs on SOUTH INDIAN BANK, penalising its rating dow...
The independent financial analyst theScreener just lowered the general evaluation of SOUTH INDIAN BANK (IN), active in the Money Center Banks industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date February 18, 2022, the...
- Nitin Aggarwal
MOSL: SOUTH INDIAN BANK (Buy)-In-line operating performance-Asset qual...
South Indian Bank: In-line operating performance; Asset quality broadly stable (SIB IN, Mkt Cap USD0.3b, CMP INR13, TP INR18, 39% Upside, Buy) 1QFY20 PAT at INR733m was up 4% QoQ (v/s INR230m in 1QFY19), led by higher other income (+25% YoY) and a decline in provisions. NII grew 8% YoY to INR5.4b, aided by NIM expansion that increased 7bp QoQ to 2.53%. Opex grew 8% YoY, led by 11% YoY increase in other expenses. C/I ratio increased 30bp QoQ to 55.7%. Total income growth of ~12% YoY resul...
- Nitin Aggarwal
MOSL: SOUTH INDIAN BANK (Buy)- Weak quarter-elevated provisioning to r...
South Indian Bank: Weak quarter; elevated provisioning to remain an overhang (SIB IN, Mkt Cap USD0.4b, CMP INR14, TP INR18, 28% Upside, Buy) PAT was down 38% YoY to INR705m in 4QFY19 owing to a 4% QoQ decline in NII. Fresh slippages came in at INR3.68b, led by agri slippages of ~INR1b (+77% YoY) and downgrade of one corporate account (INR1.14b). For FY19, NII grew by 2.8%, while PPoP/PAT declined by 16%/26%. Advances increased 15% YoY/4% QoQ, led by 31% YoY growth in retail loans, while ...
- Nitin Aggarwal
MOSL: SOUTH INDIAN BANK (Buy)-Asset quality concerns to ease-valuation...
SOUTH INDIAN BANK: Asset quality concerns to ease; valuations reasonable (SIB IN, Mkt Cap USD0.4b, CMP INR14, TP INR20, 41% Upside, Buy) Higher provisions dragged South Indian Bank's (SIB) 3QFY19 PAT to INR838m (27% YoY decline) even as operating profit growth stood flat. Fresh slippages increased to INR6.59b led by downgrade of IL&FS exposure (INR4b) and one EPC account (INR1.03b). But, slippages in retail and agri portfolio improved. Advances growth improved 15% YoY / 5% QoQ while mar...
- Nitin Aggarwal
MOSL: SOUTH INDIA BANK (Buy)-Retail segment gaining focus; Asset quali...
South India Bank: Retail segment gaining focus; Asset quality pressure to ease gradually (SIB IN, Mkt Cap USD0.4b, CMP INR16, TP INR20, 24% Upside, Buy) We met the MD & CEO and key management of South Indian Bank during our visit to their retail and IT hub in Kochi. Key takeaways: Retail Banking gaining focus Declining market share in its home state of Kerala has been a wake-up call for SIB. To recoup the recent loss in market share, SIB now aims to leverage its existing customer relation...
- Nitin Aggarwal
MOSL: SOUTH INDIAN BANK (Buy)-Modest operating performance-lower provi...
SOUTH INDIAN BANK: Modest operating performance; lower provisions drive earnings (SIB IN, Mkt Cap USD0.4b, CMP INR15, TP INR20, 37% Upside, Buy) SIB reported 2QFY19 PAT of INR0.8b (1QFY19: INR0.2b), supported by controlled provisions of INR2.1b (-55% YoY), even as PPoP declined 32% YoY (muted treasury gains). Our full-year estimate suggests SIB should deliver PAT of INR1.7b in 2HFY19 (after INR0.9b in 1HFY19). NII stood flat even as advances increased 16% YoY. Margins also held flat at 2...
- Nitin Aggarwal
MOSL: SOUTH INDIAN BANK (Buy)-Balance sheet growth picks up; asset qua...
South Indian Bank: Balance sheet growth picks up; asset quality under pressure (SIB IN, Mkt Cap USD0.5b, CMP INR19, TP INR26, 40% Upside, Buy) SIB's reported PPoP fell 29% YoY due to MTM losses and gratuity provisions (INR540m). Driven by higher-than-usual slippages (INR6.09b), provisions came in at INR2.3b (1.2% annualized credit cost), severely impacting PAT (INR230m, -77% YoY). While the bank has fully provided for gratuity provisions, it has to provide another INR458m toward MTM losse...
- Alpesh Mehta
MOSL: SOUTH INDIAN BANK (Buy)-Loan growth picks up-asset quality deter...
South Indian Bank: Loan growth picks up; asset quality deteriorates marginally (sib IN, Mkt Cap USD0.7b, CMP INR26, TP INR34, 29% Upside, Buy) SIB's reported PAT was flattish QoQ (-1%), but grew 51% YoY off a relatively low base. PPoP declined 6% QoQ, led by a 6% QoQ increase in opex with sequentially flat total income. Provisions of INR1.49b (1.1% annualized credit cost) came in below our estimate, leading to an 815bp QoQ decline in PCR to 41.2%. The bank utilized RBI's dispensation to s...
- Nitin Aggarwal
MOSL: 3QFY18 RESULTS | SOUTH INDIAN BANK (Buy)-PAT beat led by lower-t...
​3QFY18 RESULTS | SOUTH INDIAN BANK: PAT beat led by lower-than-expected provisions; asset quality improves(SIB IN, Mkt Cap USD0.6b, CMP INR32, TP INR38, 17% Upside, Buy)SIB's reported PAT increased 3% YoY to INR1.15b, beating our estimate by 11%, as provisions of INR1.5b were 25% below our estimate. PPoP declined 28%/12% QoQ/YoY, led by a sharp fall in other income (treasury gains declined 91% YoY due to an increase in bond yields, while the base quarter had low yields due to the impact of de...
- Alpesh Mehta
MOSL: SOUTH INDIAN BANK (Buy)-PPoP growth offset by elevated provision...
​SOUTH INDIAN BANK: PPoP growth offset by elevated provisions; asset quality stable(SIB IN, Mkt Cap USD0.6b, CMP INR31, TP INR36, 17% Upside, Buy)South Indian Bank (SIB) reported robust PPoP growth of 21%/55% QoQ/YoY on the back of strong other income (fee income growth of 1.2x, led by lumpy PSLC fees of INR590m). As % of total income, other income was the second highest in 13 quarters (36%), except 3QFY17. However, elevated provisions of INR4.5b (including INR2.5b toward SR depreciation) weig...
- Alpesh Mehta
MOSL: SOUTH INDIAN BANK (Buy)-PPoP growth marred by provisions-balance...
​South Indian Bank: PPoP growth marred by provisions; balance sheet clean-up accelerates(SIB IN, Mkt Cap USD0.6b, CMP INR28, TP INR34, 21% Upside, Buy)South Indian Bank (SIB) reported PAT growth of 34%/7% QoQ/YoY. PPoP growth stood at 35%/46% QoQ/YoY, led by high trading gains (~44% of total other income – second highest in 13 quarters, barring 3QFY17). However, provisions soared 36%/97% QoQ/YoY, restricting YoY PAT growth.NII grew 5%/23% QoQ/YoY on the back of advances growth of 0%/13% QoQ/...
- Alpesh Mehta
MOSL: SOUTH INDIAN BANK (Upgrade to BUY)-Growth getting back on track;...
​South Indian Bank: Growth getting back on track; Balance sheet cleanup continues, upgrade to BUY(SIB IN, Mkt Cap USD0.5b, CMP INR25, TP INR31, 24% Upside, upgrade to BUY)SIB reported PAT growth of -32%/+4% QoQ/YoY. NII grew 5%/11% QoQ/YoY on the back of 5%/13% advances growth as NIM remained flat YoY and expanded 8bp QoQ to 2.74%. Opex growth was controlled at -1%/+2% QoQ/YoY, and the CI ratio stood at 51.3%. However, elevated provisions (+42% YoY) eroded 26% PPoP growth to result in 4% YoY P...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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