PNB Rating
CLSA ON PNB : 08.06.2021
* Upgrade PNB to Outperform from Sell, Target at Rs 47/share
* Asset quality outcome weaker vs peers
* PNB to benefit from turning corporate cycle
* PNB's hit from the last corporate cycle was the highest
* Prefer SBI/ICICI/Axis (30-50% upside)
CLSA ON PNB
* UPGRADE OUTPERFORM TARGET: 47
* CLSA upgrades PNB to Outperform from Sell, but given low RoE expectation, prefers SBI, ICICI & Axis
* Turning Corporate Credit Cycle Will Benefit Co As Well
* Will End The Vicious Cycle Of Losses/Dilution Seen Over FY15-20
* Given Low RoE Expectation, We Prefer SBI/ICICI/Axis
