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3QFY2011 Result Previews
ICICI Bank
ICICI Bank is slated to declare its 3QFY2011 results. We expect the bank to report NII
growth of 3.7% qoq and 11.1% yoy to `2,287cr. Non-interest income is expected to decline
marginally by 2.4% yoy to `1,634cr, on account of lower treasury gains. The cost-to-income
ratio is expected to increase to 41.9% from 41.5% in 2QFY2011. The pre-provision profit of
the bank is expected to decline by 3.9% yoy. However, net profit is expected to increase by
9.4% qoq and 22.9% yoy to `1,353cr on account of lower provisioning expenses. At the
CMP, the stock is trading at valuations of 2.1x FY2012E ABV (without adjusting value of
subsidiaries). We maintain a Buy rating on the stock with a Target Price of `1,332.
Sesa Goa
Sesa Goa is slated to announce its 3QFY2011 results. We expect the company’s top line to
decline by 1.8% yoy to `1,855cr due to lower iron ore sales volumes. On the operating front,
EBITDA margin is expected to expand by 387bp to 58.7%. Hence, the bottom line is
expected to grow by 11.3% yoy to `921cr. We maintain Neutral on the stock.
Asian Paints
Asian Paints (APL) is expected to announce its 3QFY2011 results. For the quarter, we expect
APL to report 24.1% yoy growth in consolidated top line to `2,010.7cr, driven by robust
growth aided by the festive season and strong pricing power. We expect APL’s bottom line to
register robust growth of 18.9% yoy to `247.7cr, aided by margin contraction of 104bp yoy
to 18.6% on the back of higher input costs. We continue to maintain Accumulate on the
stock with a Target Price of `2,951.
Union Bank of India
Union Bank of India is scheduled to announce its 3QFY2011 results. We expect NII to grow
strongly by 46.3% yoy and marginally by 1.4% qoq to `1,557cr. Non-interest income is
expected to decline by 21.4% yoy and 28.4% qoq on account of lower treasury gains. The
pre-provision profit of the bank is expected to increase by 18.3% yoy. Net profit is expected
to increase by 11.1% yoy and strongly by 95.6% qoq to `594cr on account of lower
provisioning expenses. At the CMP, the stock is trading at valuations of 1.3x FY2012E ABV.
We maintain Buy on the stock with a Target Price of `394.
Indian Bank
Indian Bank is scheduled to announce its 3QFY2011 results. The bank is expected to post NII
growth of 14.8% yoy to `1,002cr. Non-interest income is expected to decline by 2.5% qoq
and 5.8% yoy to `277cr. Operating expenses are expected to increase by 7.1% yoy but
decline sequentially by 3.5% to `510cr. Pre-provision profit is expected to increase by 11.3%
yoy to `769cr. Net profit is expected to increase by 4.8% qoq but decline marginally by 1.3%
yoy to `436cr on account of higher provisioning expenses. At the CMP, the stock is trading at
valuations of 1.0x FY2012E ABV. We maintain a Buy rating on the stock with a Target Price
of `281
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
3QFY2011 Result Previews
ICICI Bank
ICICI Bank is slated to declare its 3QFY2011 results. We expect the bank to report NII
growth of 3.7% qoq and 11.1% yoy to `2,287cr. Non-interest income is expected to decline
marginally by 2.4% yoy to `1,634cr, on account of lower treasury gains. The cost-to-income
ratio is expected to increase to 41.9% from 41.5% in 2QFY2011. The pre-provision profit of
the bank is expected to decline by 3.9% yoy. However, net profit is expected to increase by
9.4% qoq and 22.9% yoy to `1,353cr on account of lower provisioning expenses. At the
CMP, the stock is trading at valuations of 2.1x FY2012E ABV (without adjusting value of
subsidiaries). We maintain a Buy rating on the stock with a Target Price of `1,332.
Sesa Goa
Sesa Goa is slated to announce its 3QFY2011 results. We expect the company’s top line to
decline by 1.8% yoy to `1,855cr due to lower iron ore sales volumes. On the operating front,
EBITDA margin is expected to expand by 387bp to 58.7%. Hence, the bottom line is
expected to grow by 11.3% yoy to `921cr. We maintain Neutral on the stock.
Asian Paints
Asian Paints (APL) is expected to announce its 3QFY2011 results. For the quarter, we expect
APL to report 24.1% yoy growth in consolidated top line to `2,010.7cr, driven by robust
growth aided by the festive season and strong pricing power. We expect APL’s bottom line to
register robust growth of 18.9% yoy to `247.7cr, aided by margin contraction of 104bp yoy
to 18.6% on the back of higher input costs. We continue to maintain Accumulate on the
stock with a Target Price of `2,951.
Union Bank of India
Union Bank of India is scheduled to announce its 3QFY2011 results. We expect NII to grow
strongly by 46.3% yoy and marginally by 1.4% qoq to `1,557cr. Non-interest income is
expected to decline by 21.4% yoy and 28.4% qoq on account of lower treasury gains. The
pre-provision profit of the bank is expected to increase by 18.3% yoy. Net profit is expected
to increase by 11.1% yoy and strongly by 95.6% qoq to `594cr on account of lower
provisioning expenses. At the CMP, the stock is trading at valuations of 1.3x FY2012E ABV.
We maintain Buy on the stock with a Target Price of `394.
Indian Bank
Indian Bank is scheduled to announce its 3QFY2011 results. The bank is expected to post NII
growth of 14.8% yoy to `1,002cr. Non-interest income is expected to decline by 2.5% qoq
and 5.8% yoy to `277cr. Operating expenses are expected to increase by 7.1% yoy but
decline sequentially by 3.5% to `510cr. Pre-provision profit is expected to increase by 11.3%
yoy to `769cr. Net profit is expected to increase by 4.8% qoq but decline marginally by 1.3%
yoy to `436cr on account of higher provisioning expenses. At the CMP, the stock is trading at
valuations of 1.0x FY2012E ABV. We maintain a Buy rating on the stock with a Target Price
of `281
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