Dolat Capital Market is bullish on CSB Bank has recommended buy rating on the stock with a target price of Rs 330 in its research report dated April 09, 2021.
Broker Research
May 14, 2021 / 03:30 PM IST
An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.
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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; 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Dolat Capital Market’s research report on CSB Bank
CSB Bank reported a good set of numbers with further improvement in NIM to 5.4%, sharp sequential improvement in pro forma GNPAs (down 70 bps), healthy loan growth (9% QoQ) and good traction in low cost liabilities (34% YoY CASA growth). However, one-time actuarial impact of revision in mortality assumptions (Rs381 mn) resulted in higher opex and weaker PPoP/PAT vs estimates.
Outlook
We maintain our BUY recommendation on the stock with a TP of Rs330, valuing the bank at 2.2x of FY23E P/ABV against RoA/RoE of 1.4%/15%. The stock currently trades at 1.7x FY23E P/ABV.
For all recommendations report, click here
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