Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The general evaluation of JAMMU & KASHMIR BANK (IN), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 19, 2021, the closing...
J&K Bank: Balance sheet growth picking up with improvement in asset quality (JKBK IN, Mkt Cap USD0.5b, CMP INR70, TP INR100, 44% Upside, Buy) JKBK reported PAT of INR725m in 3QFY18 (+1.1% QoQ), exceeding our estimate by 3%, aided by 33.8% growth in NII. PPoP was up 30.6% YoY (4% beat), despite high opex (23.1% YoY), raising the CI ratio to 57%. Provisions of INR2.5b were 5% below our estimate. Tax rate for 3QFY18 was 45.4% (v/s 40.9% in 2QFY18). NII grew ~34% YoY (+8% QoQ), led by an im...
​J&K Bank: Asset quality concerns easing; upgrade to Buy(JKBK IN, Mkt Cap USD0.5b, CMP INR82, TP INR100, 23% Upside, Upgrade to Buy)JKBK reported PAT of INR716m in 2QFY18 (+1.37x QoQ on a low base), 14% above estimate, aided by strong revenue growth. PPoP was flat QoQ on account of slightly higher opex, raising the CI ratio to 56%. Provisions of INR2.43b were in line with our estimate. NII grew ~13% YoY (+1% QoQ), led by an improvement in margins to 3.78% (+8bp QoQ, +41bp YoY) and a pick-up in...
​J&K Bank: Balance sheet clean-up phase; PAT turns positive after three quarters(JKBK IN, Mkt Cap USD0.5b, CMP INR91, TP INR91, 0% Upside, Neutral)Click here to access detailed report JKBK reported PAT of INR302m in 1QFY18 (+32% YoY on a low base), after three consecutive quarters of losses. Adjusted for excess provisions made by the bank (which it created from DTAs recognized), PAT came in at INR2.7b. Slippages of INR5.1b (22% decline from INR6.5b in 4Q) were partly offset by strong recoveri...
​&K Bank: Balance sheet clean-up phase; high provisioning leads to pre-tax loss(JKBK IN, Mkt Cap USD0.6b, CMP INR81, TP INR89, 10% Upside, Neutral)JKBK reported net loss of INR5.5b in 4QFY17 owing to elevated credit costs (~5% annualized). High provisioning was on account of high net stress addition (~2.8% net slippage ratio) and a strong focus of management to clean up balance sheet (calculated PCR rose to ~59.6% v/s 52.8% in 3Q).Strong recoveries and upgrades at INR3.6b (4Q is seasonally str...
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