reports
- Mahrukh Adajania
Yes Bank's Q4FY18 results (Upgrade to Neutral) - A strong quarter
Q4FY18 results YES Bank's PAT of Rs11.8bn grew 29% yoy and 10% qoq, higher than the consensus estimate of Rs11.2bn. Amidst rising NPLs for other banks, asset quality for YES improved with gross NPLs falling 12% qoq to 1.3% versus 1.7% qoq. Strong loan growth and strong growth in corporate fees were the key earnings drivers. Loans grew 54% yoy and 19% qoq driven by strong growth in both consumer and corporate banking. NIM fell 10 bps qoq and 20 bps yoy to 3.4%. NII grew strongly at 31% yoy ...
- Nitin Aggarwal
MOSL: YES BANK (Buy)-Strong performance in a challenging quarter
YES BANK: Strong performance in a challenging quarter (YES IN, Mkt Cap USD12.6b, CMP INR352, TP INR444, 26% Upside, Buy) YES reported robust PPoP growth of 6.7%/26.3% QoQ/YoY to INR19.57b (in-line; core PPoP growth at 34% YoY, backed by strong core fee income growth of 21% YoY), led by total income growth of 23.4% YoY and controlled opex (+19.4% YoY to INR14.4b). Controlled provisions of INR4.0b (-5% QoQ) led to a 29% YoY increase in PAT to INR11.8b (6% beat). Advances growth accelerated...
- Sid Rajeev
- Mahrukh Adajania
Yes Bank's Q3FY18 results (Underperformer) - Strong growth but lower ...
Q3FY18 results YES Bank’s PAT for 3Q18 at Rs10.8bn was strong though slightly below our estimate. Strong loan and fee growth were the key positives while lower NIMs, high capital consumption and higher than expected stress loan formation (including sale to ARC) were the key negatives. While NII was 5% lower than expected due to lower NIMs, it was offset by non-interest income being much stronger than expected. As expected, slippages fell sharply qoq in 3Q after a weak 2Q when slippages ros...
- Nitin Aggarwal
MOSL: YES BANK (Buy)-Loan growth accelerates further; asset quality la...
YES BANK: Loan growth accelerates further; asset quality largely stable (YES IN, Mkt Cap USD11.9b, CMP INR340, TP INR410, 21% Upside, Buy) YES reported robust PPoP growth of 38% YoY/5% QoQ to INR20.02b (2.5% beat), led by strong overall revenue growth of 32% YoY and controlled opex. However, higher provisions of INR4.21b – partly led by INR1b requirement toward NCLT-referred assets – led to lower 22% YoY growth in net profit. Advances growth accelerated to 46% YoY at INR1.71t, while depo...
- Alpesh Mehta
MOSL: YES BANK (Buy)-Stellar all-round performance
Yes Bank: Stellar all-round performance(YES IN, Mkt Cap USD12.2b, CMP INR1713, TP INR2123, 24% Upside, Buy)Yes Bank's (YES) NII grew 45% YoY (+10% QoQ) to INR18.1b, helped by 30bp YoY NIM improvement (to 3.7%) and customer assets growth of 32% YoY (+5% QoQ). Strong NII and 13% beat on other income (+17% YoY) drove PPoP outperformance (+30% YoY; 6% beat). This was partly offset by higher-than-expected provisioning (INR1b of prudent provisioning), leading to PAT of INR9.1b (5% beat, 32% YoY).Asset...
- Alpesh Mehta
MOSL: YES BANK (Buy)-FY17 annual report analysis – A much stronger l...
​YES BANK: FY17 annual report analysis – A much stronger liability franchise; Net stress loans at just ~2.2%, despite accounting for divergence(YES IN, Mkt Cap USD9.4b, CMP INR1401, TP INR2110, 51% Upside, Buy)YES’ annual report analysis (AR) suggests strong performance across parameters in a period marred by significant economic challenges. Liability franchise has strengthened significantly, with sustained improvement in CASA ratio to 36.3% (up 820bp), improving deposit concentration rati...
- Alpesh Mehta
MOSL: YES BANK (Buy)-Inline-Asset quality impacted by one off large ac...
​Yes Bank: Inline; Asset quality impacted by one off large account(YES IN, Mkt Cap USD11.3b, CMP INR1605, TP INR2110, 31% Upside, Buy)Yes Bank's (YES) NII grew 32% YoY (+10% QoQ) to INR16.4b, helped by 20bp YoY NIM improvement (to 3.6%) and customer assets growth of 36% YoY (+15% QoQ). Strong NII and beat on other income (27% beat; +57% YoY) drove PPoP outperformance (+38% YoY; 14% beat). However, significantly higher provisioning led to in line PAT at INR9.1b (30% YoY).In absolute terms, GNPA...
- Alpesh Mehta
MOSL: YES BANK (Buy)-Re-rating led by diversification and balance shee...
​YES BANK: Re-rating led by diversification and balance sheet granularity; Robust capitalization | 2x+ system growth | Best-in-class return ratios(YES IN, Mkt Cap USD10.3b, CMP INR1565, TP INR2110, 35% Upside, Buy)The recent capital raise of INR49b (30% of December 2016 net worth) has added ~300bp to Yes Bank’s (YES) CET1 ratio (~13%). With an incremental market share of 3.5%+, aggressive roll-out of retail/SME products and strong corporate relationships, YES is expected to register loan CAG...
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.