INDUSIND BANK
15.02.2022 - MS on Indusindbk Maintain Overweight CMP 968.55 Target 1350
31.01.2022 - Jefferies on Indusindbk Maintain Buy CMP 03 Target 1220(PREVTGT 1400)
31.01.2022 - GS on Indusindbk Maintain Buy CMP 903 Target 1405
MAINTAIN BUY TARGET: 1,270 (PREV TGT: 1,300)
Annual Rpt Underlines Progress On Improving Funding-mix-share Of Retail Deposits, ALM
Premium Of Rates To Large-banks Is Falling
There Is Scope For More That Can Help Derisk Loans Asset Growth Slowed & RWA/Asset Fell Back
To 75% Mgmt Indicates Plan To Build Provisions For
Exposure To Voda Idea In FY22
Cut FY22 Earnings Estimates By 26% To Factor Potential Provisioning
MACQUARIE ON INDUSIND BANK : 06.07.2021
• Maintain Outperform, Target at Rs 1,100/share
* Granularisation of the deposit book is well on track
* Deposit growth continues to show healthy traction
• Indusind growing conservatively on the asset side
CLSA ON INDUSIND BANK : 23.06.2021
• Maintain BUY, Target at Rs 1,325/share
• Wave-2 impact will likely be manageable
• Intention to build up buffers further
* Expect to bridge some of the cost-of-fund gap with peers
* Expect IIB to deliver ROES of +15%
* Current valuation at less than 1.5x FY23 book is undemanding
CLSA ON INDUSIND BANK : 23.06.2021
* MAINTAIN BUY TARGET: 1,325
* CLSA expects Indusind Bk to deliver 15% RoE by FY23/24, finds valuations at current levels reasonable
* Liability, De-bulking Continues
* Unlike FY21, Co Intends To Reduce Its Cost Of Deposit Gap With Peers
* It Should Help Offset Any Yield Pressures From Lowering Risk In Book
* Expect Co To Deliver 15% ROE By FY23/24
* Valuations At Current Levels Are Reasonable
MORGAN STANLEY ON INDUSIND BANK : 09.06.2021
* Maintain Overweight, Target at Rs 1,225/share
* Believe share price will rise relative to industry over next 45 days
* Indusind stock performance has been muted over past 3 months
* Collection efficiency improves over the next few months
* We expect the stock to do well
* Bank has significantly strengthened its balance sheet and liquidity
* This should help them accelerate growth in H2F22
* Valuation at 1.4xF23e P/B appears attractive to us against this backdrop
