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Bank of Baroda
Bank of Baroda is scheduled to announce its 2QFY2012 results. We expect the
bank to report healthy net interest income growth of 14.8% yoy to `2,341cr. Noninterest
income, however, is expected to grow at a flat rate of 0.3% yoy. The bank
has already switched over all its accounts to system-based NPA recognition and,
hence, we expect a sequential 21.7% decline in provisioning expenses to `316cr.
Net profit is expected to increase by 6.8% yoy and 5.4% qoq to `1,088cr. At the
CMP, the stock is trading at 1.0x FY2013E ABV. We recommend Buy on the stock
with a target price of `871.
Canara Bank
Canara Bank is scheduled to announce its 2QFY2012 results. We expect the bank
to report a 7.8% yoy decline in its net interest income to `1,846cr. Non-interest
income, however, is expected to increase by healthy 28.1% yoy to `640cr.
Operating income growth is expected to decline marginally by 0.6% yoy; however,
a lower 0.2% yoy rise in operating expenses is expected to lead to an improvement
in its cost-to-income ratio to 43.8%. The bank has switched over accounts worth
`2lakhs and above already to system-based NPA recognition. The remaining
transformation had to be completed by September 2011, the effect of which is
expected to show in 2QFY2012 results. Provisioning expenses are expected to rise
sharply by 90.8% yoy to `301cr. Consequently, net profit is expected to decline by
14.1% yoy (up by strong 19.3 qoq) to `866cr. At the CMP, the stock is trading at
0.9x FY2013E ABV. We maintain our Neutral recommendation on the stock.
Dabur
Dabur is slated to announce its 2QFY2012 numbers. For the quarter, we expect
the company to post robust growth of 23.5% yoy in its consolidated top line to
`1,202cr, driven by steady growth in its core brands. The bottom line is expected
to register slow growth of 8.6% yoy to `173cr, aided by margin contraction of
189bp yoy to 18.6%. We maintain our Accumulate recommendation on the stock
with a target price of `115.
Colgate
Colgate is expected to announce its 2QFY2012 results. For the quarter, we expect
the company to post modest 13.2% yoy growth in its top line to `625cr, aided by a
mix of value and volume growth. Earnings for the quarter are expected to register
7.2% yoy growth to `108cr, aided by margin contraction of 33bp yoy to 20%.
We maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Bank of Baroda
Bank of Baroda is scheduled to announce its 2QFY2012 results. We expect the
bank to report healthy net interest income growth of 14.8% yoy to `2,341cr. Noninterest
income, however, is expected to grow at a flat rate of 0.3% yoy. The bank
has already switched over all its accounts to system-based NPA recognition and,
hence, we expect a sequential 21.7% decline in provisioning expenses to `316cr.
Net profit is expected to increase by 6.8% yoy and 5.4% qoq to `1,088cr. At the
CMP, the stock is trading at 1.0x FY2013E ABV. We recommend Buy on the stock
with a target price of `871.
Canara Bank
Canara Bank is scheduled to announce its 2QFY2012 results. We expect the bank
to report a 7.8% yoy decline in its net interest income to `1,846cr. Non-interest
income, however, is expected to increase by healthy 28.1% yoy to `640cr.
Operating income growth is expected to decline marginally by 0.6% yoy; however,
a lower 0.2% yoy rise in operating expenses is expected to lead to an improvement
in its cost-to-income ratio to 43.8%. The bank has switched over accounts worth
`2lakhs and above already to system-based NPA recognition. The remaining
transformation had to be completed by September 2011, the effect of which is
expected to show in 2QFY2012 results. Provisioning expenses are expected to rise
sharply by 90.8% yoy to `301cr. Consequently, net profit is expected to decline by
14.1% yoy (up by strong 19.3 qoq) to `866cr. At the CMP, the stock is trading at
0.9x FY2013E ABV. We maintain our Neutral recommendation on the stock.
Dabur
Dabur is slated to announce its 2QFY2012 numbers. For the quarter, we expect
the company to post robust growth of 23.5% yoy in its consolidated top line to
`1,202cr, driven by steady growth in its core brands. The bottom line is expected
to register slow growth of 8.6% yoy to `173cr, aided by margin contraction of
189bp yoy to 18.6%. We maintain our Accumulate recommendation on the stock
with a target price of `115.
Colgate
Colgate is expected to announce its 2QFY2012 results. For the quarter, we expect
the company to post modest 13.2% yoy growth in its top line to `625cr, aided by a
mix of value and volume growth. Earnings for the quarter are expected to register
7.2% yoy growth to `108cr, aided by margin contraction of 33bp yoy to 20%.
We maintain our Neutral view on the stock.
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