Add IndusInd Bank Ltd For Target Rs. 1,100 - Choice Broking
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Key Rationale:
Building growth momentum in high yielding segments to support margin
NIM expected remain above 4% on the back of high yield on consumer book (>14%) and contained CoF
High standard assets provisioning provides comfort from assets quality risks
Bank is focusing on strengthening liability franchise
Slippages and credit cost ratios are expected to decline over the next two fiscals
We assign ADD rating to stock with revised target price of Rs1,100 per share valuing bank at 1.5x FY24E P/Adjusted Book Value.
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