Buy Bandhan Bank Ltd : Transformation towards a more predictable model - Anand Rathi Shares and Stock Brokers
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Buy Bandhan Bank Ltd For Target Rs. 327
For Target Rs.Transformation towards a more predictable model
Diversification across products and regions are strategic priorities of Bandhan Bank. This would transform its business model to be more scalable and sustainable. For this, the bank reinforced its top management, hiring professionals from various private banks. A combination of deepening product penetration and branch penetration across states would drive a 21% loan CAGR over FY23-25. With asset quality issues likely to be peaked out in H2FY23 earnings are expected to normalize thereafter. We believe, on a sustainable basis, Bandhan would deliver 2.5%+ RoA and 25% RoE. We initiate coverage on Bandhan Bank with a BUY rating and a target of Rs327, valuing the bank at 1.9x FY25e ABV
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