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You are here : IndiaNotes >> Research & Analysis >> Companies >> Axis Bank Ltd. >> Research

Axis Bank: Capital infusion at the right time, issues addressed upfront; Upside 22.2%

Prabhudas Lilladher | 15 Dec, 2017  | Follow Author | Add to my Favourites 
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Rerating warranted in valuations, upgrade to a BUY: In our view, the issue of high slippages and credit costs overshadowed all the positives, be it liabilities, growth in credit or even CASA. With the worst of the slippages behind and consequently the credit costs reduction expected (but remain high for next two quarters) thereby steadily improving the ROAs from the current 0.8% in FY18E to over 1.6% in FY20E remain a very likely case. We revise and upgrade our recommendation to “BUY” with revised TP of Rs 654 (from “Reduce” and TP of Rs 454) based on 2.3x Sep-19E ABV.


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About Prabhudas Lilladher

Prabhudas Lilladher has a nationwide distribution network, consisting of branches, franchisees and associates, providing a comprehensive gamut of financial services in the Institutional and Retail domain. Their services includes Equity, derivatives; margin funding, mutual funds, PMS, IPOs and online trading.

 

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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