- Federal Bank reported decent quarterly results with credit growth of 15% and stable asset quality. Net interest income grew 6% year-over-year due to advances growth and stable margins.
- Advances grew 15% year-over-year across segments like agriculture, retail, and SME. Deposits grew 14% year-over-year. Asset quality remained stable with gross and net NPAs of 2.1% and 0.66% respectively.
- The analyst maintains a 'Hold' rating with a target price of Rs. 156, expecting continued profitable growth and stable asset quality.
ING Vyasa Bank Q2FY14 Result: Maintain neutralIndiaNotes.com
ING Vysya Bank’s (VYSB) 2QFY15 PAT was 9% above estimate at INR1.8b (+2% YoY) led by better-than-expected NIM (+10bp) and lower provisioning. Reported NIM improved 17bp QoQ to 3.54%. However, adjusted for interest reversal on account of stressed accounts in 1QFY15, NIM was stable QoQ at 3.54%.
Petronet LNG: Reports decent set of numbers, hold - Sushil FinanceIndiaNotes.com
Petronet LNG has reported decent set of numbers for the quarter ended March’14 which were slightly better than expectations. With no major trigger in offing in near term, expect the stock to underperform & hence maintain hold with a revised price target of Rs152
ING Vyasa Bank Q2FY14 Result: Maintain neutralIndiaNotes.com
ING Vysya Bank’s (VYSB) 2QFY15 PAT was 9% above estimate at INR1.8b (+2% YoY) led by better-than-expected NIM (+10bp) and lower provisioning. Reported NIM improved 17bp QoQ to 3.54%. However, adjusted for interest reversal on account of stressed accounts in 1QFY15, NIM was stable QoQ at 3.54%.
Petronet LNG: Reports decent set of numbers, hold - Sushil FinanceIndiaNotes.com
Petronet LNG has reported decent set of numbers for the quarter ended March’14 which were slightly better than expectations. With no major trigger in offing in near term, expect the stock to underperform & hence maintain hold with a revised price target of Rs152
ICICI Prudential NASDAQ 100 Index Fund - Brochureiciciprumf
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Diversify into debt funds with ICICI Prudential Floating Interest Fund and aim to generate income by investing in floating rate instruments while maintaining the optimum balance of yield, safety and liquidity.
ICICI Prudential NASDAQ 100 Index Fund - Brochureiciciprumf
Here’s your chance to invest in global markets with ICICI Prudential NASDAQ 100 Index Fund. Invest in a diversified portfolio of global market leaders and work towards your potential wealth creation.
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Diversify into debt funds with ICICI Prudential Floating Interest Fund and aim to generate income by investing in floating rate instruments while maintaining the optimum balance of yield, safety and liquidity.
Karur Vysya Bank is a privately held Indian bank, headquartered in Karur in Tamil Nadu. The company operates in four business segments: treasury operations, corporate/ wholesale banking operations, retail banking operations and other banking operations. The company's investments are categorized into three categories, held to maturity, held for trading and available for sale. Karur Vysya Bank
Bajaj Finance reported net profit of Rs 211.4 cr (+20.3% YoY) in Q1FY15 which was above expectations primarily due to higher than expected Net Interest Income (NII). NII increased 23.2% YoY and 23.0% QoQ with increase in consumer durable segment.
ING Vysya Bank: Sharp deterioration in asset quality impacts NIM in Q1FY15IndiaNotes.com
ING Vysya Bank’s PAT declined 18% YoY to ~INR1.4b (22% below est.). Sharp deterioration in asset quality not only impacted NIMs (negative impact of 15bp) but also led to higher provisioning of INR1b (61% above estimate). Estimated downgraded, maintain buy.
Q3FY15 Recommendation: Maintain hold on Alembic PharmaIndiaNotes.com
For the quarter, Alembic Pharma reported muted sales growth of 4.6% yoy to Rs 497 cr, below than the street expectations of Rs 561cr on account of (1) discontinuation of low margin products in international markets (2) Failure to gain expected market share in newly launched products (3) Price erosion due to higher competition in existing products (4) Lower growth in domestic portfolio because of high base effect in Q3FY14. However, it still could manage to sustain its healthy EBITDA margins at 21.2% as compared to 19.8% in Q2FY15/21.7% in Q3FY14. The management has reiterated its earlier guidance of 100-125 bps improvement in margins for next 3-4 years to take the margins to 23-24% levels. Alembic Pharma is awaiting its USFDA inspection this year for both its formulations as well as API facilities.
LIC Housing Finance Q1FY15 performance in line with estimates; buyIndiaNotes.com
LIC Housing Finance’s 1QFY15 operational performance was in line with estimates. Lower than expected Net interest income (3% below estimate) compensated by 5% below estimated opex. Operating profits grew 13% YoY to INR4.97b (in-line).
Narnolia Securities Limited positive to buy stocks of Jyothy Lab, ICICI BANK, Crompton Greaves Ltd and BANK OF INDIA with target price of Rs 1846,Rs 130, Rs 1094 and Rs 260. respectively
Narnolia Securities Limited natural view on the KPIT stock could be change after favorable update on stock and healthy earning guidance for FY15E. At a CMP of Rs 151, stock trades at 9x FY15E EPS. Also today buy UCO bank stock due to net profit growth of 207% YoY
India Equity Analytics today by Narnolia Securities Limited. We recommended Reliance and Emami Ltd to BUY the stock with target price of Rs 1040 and Rs635 respectively. Also book profit on Kotak bank stock.
Yes Bank: Reports tepid set of numbers in Q1FY15; HoldIndiaNotes.com
Yes Bank reported tepid set of numbers which were marginally below our estimates. While NII grew by 13.1% YoY to INR 7453 mn, profit grew by 9.6% to INR 4395 mn dented largely by 3.7% decline in non interest income and 25.1% surge in operating expenses. Hold
Similar to Q2FY15: Hold Federal Bank for a target of Rs156 - Sushil Finance (20)
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Q2FY15: Hold Federal Bank for a target of Rs156 - Sushil Finance
1. Q2FY15 Result Update
Federal Bank Ltd. (FB)
October 22, 2014 HOLD MEDIUM RISK PRICE Rs.142 TARGET Rs.156
BFSI
Federal Bank Ltd. (FB) has reported decent set of numbers for the quarter ended
September’14 with better credit growth & stable asset quality. We attended the
conference call of the company and following are the key highlights of the results.
Key Highlights of Q2FY15 Results
• Healthy advances growth coupled with stable margins led to NII growth of 6% YoY &
3% QoQ to Rs.5.8 bn (excl. one-off interest on income tax refund of Rs.270 mn).
Comparatively lower NII growth was to an extent attributed to 35 bps reduction in
base rate. NIM's remained stable at 3.35% (Adj. NIMs 3.25%) which management
expects to remain steady going forward. Non-interest income grew by 36% YoY &
25% QoQ to Rs.2 bn while core-fee income grew by ~13% YoY & 27% QoQ majorly led
by Loan Processing fees & Forex. Improving cost efficiency along with higher non-interest
income led to marginal improvement in Adj. C/I to 50.6% (Q1 - 51.2%).
• Advances & Deposits grew by ~15% YoY & 14% YoY resp. Revival in advances growth
was mainly on account of strong growth in Agriculture (25%), Retail (16%) & SME
(26%) while Corporate portfolio grew marginally by 2% YoY & 9% QoQ. Management
expects revival in Corporate segment over the next few quarters considering the
strong disbursement pipeline. After couple of quarters, even gold portfolio witnessed
healthy growth in Q2 (~20% YoY & 9% QoQ) which mgmt expects to continue going
forward. CASA remained flat at 30.6%. Business outside Kerala has been improving
with CD ratio at ~90%. Credit growth has been ~20% over last 2 quarters while SA
growth has been 32% YoY.
• Asset quality remained stable with GNPA & NNPA at 2.1% (Q1-2.2%) & 0.66% (Q1-
0.68%) resp. Slippages in Q2 stood at Rs.1760 mn (1.4% annualized) with nil slippages
from Corporate segment. Mgmt doesn't foresee any direct impact of coal de-allocation
decision. Restructured book stands at Rs.29 bn (Air-India & Discom - Rs.12
bn).
• Management Guidance: 1. Expects credit growth of +20% in FY15E with better growth
in H2, 2. Non-interest income growth to be ~22-25%, 3. NIMs to remain stable at 3.2-
3.3%, 4. Credit cost for FY15E to be ~50-60 bps, 5. C/I likely to improve to ~48%.
OUTLOOK & VALUATION
Focused approach with well-defined strategies has helped bank to be back on growth
trajectory after couple of quarters. Revival in advances growth across segment as well as
better traction in newer geographies provides better growth visibility. Improving business
mix, better cost efficiency coupled with higher focus on core-fee income generation to
result in better return ratios going forward. Better visibility of profitable growth along
with stable asset quality & improving return ratios instills further confidence. Hence
considering the improving fundamentals & strong growth prospects, we remain positive
on the stock & recommend ‘Hold’ with a price target of Rs.156 based on our FY17E
estimates.
EARLIER RECO
BUY
Price Rs.122
Target Rs.156
Date Sept. 26, 2014
SHARE HOLDING (%)
Promoters -
FII 37.6
FI / MF 27.1
Body Corporate 12.8
Public & Others 22.5
STOCK DATA
Reuters Code
Bloomberg
Code
FED.BO
FB IN
BSE Code
NSE Symbol
500469
FEDERALBNK
Market
Capitalization*
Rs.121,481.0 mn
US$ 1984.9 mn
Shares
Outstanding* 855.5 mn
52 Weeks (H/L) Rs.143 / 72
Avg. Daily
Volume (6m) 5,066,860 Shares
Price Performance (%)
1M 3M 6M
12 12 47
*On fully diluted equity shares
200 days EMA Rs.110
Part of Bonanza
KEY FINANCIALS
Y/E
Mar.
Net Income
(Rs mn)
PAT
(Rs mn)
AEPS
(Rs)
NIM
(%)
P/E
(x)
P/ABV
(%)
ROE
(%)
ROA
(%)
FY14 22,288 8,390 9.8 3.32 14.5 1.8 12.6 1.2
FY15E 24,013 8,697 10.2 3.29 14.0 1.7 12.0 1.1
FY16E 27,907 10,426 12.2 3.34 11.6 1.5 13.0 1.1
FY17E 32,735 12,615 14.7 3.35 9.6 1.3 14.2 1.2
ANALYST
Shreyas Bhukhanwala | +91 22 4093 5096
shreyas.bhukhanwala@sushilfinance.com
SALES:
Devang Shah | +91 22 4093 6060/62
devang.shah@sushilfinance.com
Please refer to important disclosures at the end of the report For private Circulation Only.
Sushil Financial Services Private Limited Member : BSEL, SEBI Regn.No. INB/F010982338 | NSEIL, SEBI Regn.No.INB/F230607435.
Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : info@sushilfinance.com
2. October 22, 2014
Federal Bank Ltd.
2
QUARTERLY STATEMENT (Rs.mn)
Y/E March Q2FY14 Q1FY15 Q2FY15
Interest Income 17,144 17,715 18,696
Interest Expense 11,661 12,073 12,638
Net Interest Income 5,484 5,642 6,058
Other Income 1,434 1,565 1,959
-Core Fee Income 889 808 1,010
Operating Income 6,918 7,208 8,017
Employee Exps. 1,704 2,044 2,038
Other Operating Exps. 1,674 1,648 1,881
Operating Profit 3,539 3,515 4,098
Provisions & Cont. 110 221 457
PBT 3,429 3,295 3,641
Tax 1,171 1,092 1,238
PAT 2,258 2,202 2,403
(%) YoY 5.0 108.4 6.4
PROFIT & LOSS STATEMENT (Rs.mn)
Y/E March FY14 FY15E FY16E FY17E
Interest income 69,461 73,383 83,399 96,740
Interest expense 47,173 49,370 55,492 64,006
Net interest income 22,288 24,013 27,907 32,735
Other income 6,937 8,095 9,607 11,335
Total income 29,226 32,108 37,514 44,069
Operating expenses 14,421 16,162 18,264 20,727
Pre-provision Profit 14,805 15,947 19,250 23,343
Total Provision 2,684 2,966 3,688 4,514
-Provision for NPL 2,282 2,553 3,026 3,646
PBT 12,121 12,981 15,561 18,828
Provision for Tax 3,731 4,284 5,135 6,213
PAT 8,390 8,697 10,426 12,615
Growth % 0.1% 3.7% 19.9% 21.0%
FINANCIAL RATIO STATEMENT
Y/E March FY14 FY15E FY16E FY17E
Profitability Ratios
EPS 9.8 10.2 12.2 14.7
Earnings growth (%) 0.1 3.7 19.9 21.0
CEPS 10.9 11.4 13.5 16.2
PPP / Share 17.3 18.6 22.5 27.3
ROAA (%) 1.2 1.1 1.1 1.2
ROE (%) 12.6 12.0 13.0 14.2
Dividend Payout (%) 24 25 23 20
Efficiency Ratios (%)
C-I Ratio 49.3 50.3 48.7 47.0
Other Inc/Total Inc 19.4 21.2 21.9 22.5
Cost Asset Ratio 2.0 2.0 2.0 2.0
CASA 31.2 32.1 33.1 34.2
Business /Emp. (in mn) 98.6 113.1 129.4 150.3
Profitability / Emp. 0.80 0.82 0.97 1.14
Asset Quality Ratios (%)
Gross NPLs 2.5 2.2 2.1 2.1
Net NPLs 0.7 0.6 0.5 0.5
Coverage 70 73 75 75
Provision/ Loans 0.55 0.60 0.61 0.62
Source: Company, Sushil Finance Research Estimates
Y/E March FY14 FY15E FY16E FY17E
Asset-Liab. Profile (%)
Capital Adequacy Ratio 15.1 14.5 13.5 12.5
- Tier I CAR 14.6 14.0 13.1 12.2
C/D ratio 73 75 77 78
Loan Growth (1) 18 19 20
Deposit Growth 4 14 16 18
Balance Sheet Growth 5 13 15 18
Equity / Assets 9.3 9.0 8.7 8.2
Equity / Loans 16.0 14.9 13.9 12.9
Spreads Analysis (%)
Yield on Advances 11.4 11.3 11.2 11.0
Yield on Investments 7.8 7.7 7.5 7.4
Cost of funds 7.4 7.1 6.9 6.8
Net Interest Margin 3.32 3.29 3.34 3.35
Valuation
Dividend Yield (%) 1.4 1.5 1.7 1.8
BV / Share 81 89 98 110
Adjusted BV / Share 78 85 94 106
P/E (x) 14.5 14.0 11.6 9.6
P/PPP (x) 8.2 7.6 6.3 5.2
P/ABV (x) 1.8 1.7 1.5 1.3
3. October 22, 2014
Federal Bank Ltd.
Rating Scale
This is a guide to the rating system used by our Institutional Research Team. Our rating system
comprises of six rating categories, with a corresponding risk rating.
Risk Rating
Risk Description Predictability of Earnings / Dividends; Price Volatility
Low Risk High predictability / Low volatility
Medium Risk Moderate predictability / volatility
High Risk Low predictability / High volatility
3
Total Expected Return Matrix
Rating Low Risk Medium Risk High Risk
Buy Over 15 % Over 20% Over 25%
Accumulate 10 % to 15 % 15% to 20% 20% to 25%
Hold 0% to 10 % 0% to 15% 0% to 20%
Sell Negative Returns Negative Returns Negative Returns
Neutral Not Applicable Not Applicable Not Applicable
Not Rated Not Applicable Not Applicable Not Applicable
Please Note
z Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses).
z ** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks, we
have enhanced our return criteria for such stocks by five percentage points.
z Stock Review Reports: These are Soft coverage’s on companies where Management access is difficult or Market
capitalization is below Rs. 2000 mn. Views and recommendation on such companies may not necessarily be based
on management meeting but may be based on the publicly available information and/or attending Company AGMs.
Hence Stock Reviews may be just one-time coverage’s with an occasional Update, wherever possible.
Additional information with respect to any securities referred to herein will be available upon request.
This report is prepared for the exclusive use of Sushil Group clients only and should not be reproduced, re-circulated,
published in any media, website or otherwise, in any form or manner, in part or as a whole,
without the express consent in writing of Sushil Financial Services Private Limited. Any unauthorized use,
disclosure or public dissemination of information contained herein is prohibited. This report is to be used only
by the original recipient to whom it is sent.
This is for private circulation only and the said document does not constitute an offer to buy or sell any
securities mentioned herein. While utmost care has been taken in preparing the above, we claim no
responsibility for its accuracy. We shall not be liable for any direct or indirect losses arising from the use
thereof and the investors are requested to use the information contained herein at their own risk.
This report has been prepared for information purposes only and is not a solicitation, or an offer, to buy or sell
any security. It does not purport to be a complete description of the securities, markets or developments
referred to in the material. The information, on which the report is based, has been obtained from sources,
which we believe to be reliable, but we have not independently verified such information and we do not
guarantee that it is accurate or complete. All expressions of opinion are subject to change without notice.
Sushil Financial Services Private Limited and its connected companies, and their respective directors, officers
and employees (to be collectively known as SFSPL), may, from time to time, have a long or short position in
the securities mentioned and may sell or buy such securities. SFSPL may act upon or make use of information
contained herein prior to the publication thereof.
The Investment horizon of this report is approximately 1 year. Any calls which lapse the time duration of a year
would be auto closed without any further notifications/updates. Clients are requested to keep track of the same.