. DCB BANK: Weak operating performance; loan growth seeing a recovery (DCBB IN, Mkt Cap USD0.3b, CMP INR89, TP INR90, 1% Upside, Neutral) Restructured portfolio remains elevated ~6.1% of loans DCBB reported a weak operating performance, led by miss on both NII/PPOP, while PAT came in healthy at INR970m (up 188% YoY; 6% beat) on the back of lower provisions. NIM moderated sharply by 32bp QoQ to 3.61%. On the business front, advances/deposits grew by ~18%/15% YoY. Slippages increased sharpl...
The independent financial analyst theScreener just downgraded the general evaluation of DCB BANK (IN), active in the Money Center Banks industry. As regards its fundamental valuation, the title loses a star(s) and now shows 3 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date No...
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....
DCB Bank: PPoP in line; higher provisions drive earnings miss (DCBB IN, Mkt Cap USD0.8b, CMP INR182, TP INR200, 10% Upside, Neutral) Asset quality deteriorates further DCBB reported in-line 3QFY20 operating performance, while higher provisions dragged earnings growth (5% miss), led by greater stress in a few business segments. Loan growth moderated further on continued sluggishness in the corporate banking portfolio. However, management has guided for recovery of loan growth starting 2QF...
A director at Dcb Bank Ltd sold 9,150 shares at 169.523INR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
DCB Bank: Weak operating performance; growth outlook uncertain (DCBB IN, Mkt Cap USD1.1b, CMP INR239, TP INR225, 6% Downside, Downgrade to Neutral) 1QFY20 PAT came in at INR811m (+17% YoY), significantly below our estimate of INR973m due to lower fee income, margin pressure and muted loan growth. NII grew 11.6% YoY (v/s +14.1% YoY in 4QFY19) as margins further compressed by 10bp QoQ to 3.7%. This, coupled with weak fee income (-9% YoY), drove modest 10% YoY growth in total revenue. Opex ...
DCB Bank (Annual Report Update): Improving granularity; Expanding profitability; Operating leverage to drive further expansion in return ratios (DCBB IN, Mkt Cap USD1.1b, CMP INR238, TP INR275, 16% Upside, Buy) DCBB has been witnessing steady improvement in return ratios, led by its strategy of branch consolidation and improvement of business/employee productivity. The bank remains focused on secured granular lending to self-employed customers and consistent growth in retail liabilities....
The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. RS for the MSCI EM index is consolidating when compared to the MSCI EAFE index, which we believe is largely due to consolidation in the U.S. dollar. Therefore, the direction of the dollar will be critical for EM equities. A breakout in the USD may begin to create problems for EM, whereas a failure to break above 97.70-98 resistance and a gradual weakening of the USD should be an environm...
DCB Bank: Stable credit cost and controlled opex to be key earnings driver (DCBB IN, Mkt Cap USD0.9b, CMP INR202, TP INR250, 23% Upside, Upgrade to Buy) PAT grew 50% YoY to INR963m (our estimate: INR928m) in 4QFY19, driven by a moderation in opex and lower provisions (-10%/13% YoY/QoQ). PPoP grew 31% YoY to INR1,853m (in-line), largely due to higher other income (+17% YoY) and controlled opex (+4% YoY). For FY19, NII grew 25% (well ahead of loan growth), PPoP increased 23% YoY, while PAT ...
DCB Bank: Operationally in line, opex remains the key earnings lever (DCBB IN, Mkt Cap USD0.8b, CMP INR181, TP INR175, 4% Downside, Neutral) DCBB’s PAT grew 51% YoY to INR861m (our estimate: INR762m) in 3QFY19, driven by higher other income and moderation in opex. PPoP growth of 42% YoY exceeded our estimate of +28%, largely due to a pick-up in other income (26% YoY) on the back of treasury gains of INR112m as core fee income grew by a modest 5% YoY. NIM was flat QoQ at 3.83%. For 9MFY19,...
DCB Bank: In-line earnings, margins continue moderating (DCBB IN, Mkt Cap USD0.7b, CMP INR160, TP INR170, 6% Upside, Neutral) DCBB reported in-line PAT of INR734m, driven by moderation in opex and provisions. PPoP growth of 17% YoY came in below our estimate due to a 12% decline in other income. NIM shrank by 7bp YoY due to a 14bp decline in yield on advances. Our full-year estimate suggests DCBB should deliver PAT of INR1.5b in 2HFY19 (after INR1.4b in 1HFY19). Strong growth in AIB (+42...
DCB Bank: Robust balance sheet growth; NIM under pressure (DCBB IN, Mkt Cap USD0.7b, CMP INR162, TP INR170, 5% Upside, Neutral) DCB Bank (DCBB) reported PPoP growth of 4% YoY – 6% below our estimate due to an NII miss of 4% (17bp QoQ contraction in the NIM due to an 8bp decline in yield on advances and a 6bp increase in cost of funds). Other income declined 3% YoY (-2% QoQ) off a high base. Operating cost continued declining, with cost to assets of 2.8% being the lowest in 13 quarters. P...
DCB Bank: Cost-to-core income ratio at eight-quarter low; asset quality surprises positively (DCB IN, Mkt Cap USD0.9b, CMP INR190, TP INR198, 4% Upside, Neutral) DCB Bank (DCBB) reported PPoP growth of 23% YoY (12% beat), as the 7% beat on total income was offset by the 4% miss on opex. NII growth of 20% YoY was led by 29% loan growth, while other income rose 33% YoY (39% YoY core fee income growth led to a 16% other income beat). 4QFY18 NII included INR26.2m from interest on tax refund. ...
DCB Bank: Income beat offset by elevated opex; advances growth picks up (DCBB IN, Mkt Cap USD0.9b, CMP INR184, TP INR188, 2% Upside, Neutral) DCB Bank (DCBB) reported PPoP growth of 12% YoY (1% above estimate), as 8% beat on total income was offset by 23% growth in opex. NII growth of 20% YoY was led by 17bp expansion in reported NIM, while other income grew 17% YoY (core fee income increased 41% YoY). However, total income growth trailed opex growth (+20% YoY adjusted for INR50m of bond i...
​DCB Bank: Strong operating profit, lower provisions aid YoY PAT growth(DCBB IN, Mkt Cap USD0.8b, CMP INR184, TP INR197, 7% Upside, Neutral)PPoP growth stood at -9%/+23% QoQ/YoY (in-line), driven by NII beat of 5% (incl. INR72m of interest on IT refund). Other income grew -24%/6% QoQ/YoY to INR3.1b (10% miss), as 1QFY18 had lumpy treasury income of INR214m, leading to total income growth of 24% YoY (-1.7% QoQ).Opex growth of 25% YoY exceeded total income growth of 24%, reversing falling CI rat...
​DCB Bank: Healthy PAT growth backed by one-off other income and opex control(DCBB IN, Mkt Cap USD0.91b, CMP INR198, TP INR192, 3% Downside, Neutral)DCB Bank (DCBB) reported healthy PAT growth of 39% YoY (23% QoQ) to INR652m, exceeding our estimate by 10%. PPoP performance surprised with a 14% beat (+18%/+47% QoQ/YoY), driven by one-off treasury gains of INR214m.NII rose 32% YoY to INR2.3b, led by 24% growth in interest-earning assets and 19bp YoY improvement in reported NIM. NIM improved 21bp...
​DCB Bank: Growth picks up post temporary demon-led disruption(DCBB IN, Mkt Cap USD0.8b, CMP INR173, TP INR170, 2% Downside, Neutral)DCB Bank (DCBB) reported healthy PBT growth of 17% YoY (3% QoQ) to INR814m (in-line). PAT, however, declined 24% YoY (+3% QoQ) to INR529m (in-line), as DCBB had taken accumulated tax benefits in 4QFY16, due to which tax provisions were nil. In the current quarter, the tax rate was ~35%. NII grew 31% YoY to INR2.2b, helped by 25%+ growth in interest earning assets...
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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