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Jammu and Kashmir Bank
Jammu and Kashmir Bank is scheduled to announce its 2QFY2012 results. We
expect the bank to report net interest income growth of 14.2% yoy to `426cr. Noninterest
income is expected to be flat at `75cr. Cost-to-income ratio is expected to
be at 39.3% compared to 37.3% in 1QFY2012 and 36.4% in 2QFY2011. The
bank has already converted all its accounts to system-based NPA recognition and,
hence, we expect only a 7.2% yoy rise in provisioning expenses (decline of 6.4%
qoq) to `42cr. Net profit is expected to increase by 8.5% on a yoy basis to `177cr.
At the CMP, the stock is trading at valuations of 0.9x FY2013E P/ABV. We
maintain our Neutral rating on the stock.
IPCA Labs
For 2QFY2012, we estimate IPCA Labs’ top line to grow by 23.6% to `530cr.
OPM for the quarter is expected to decline by 580bp yoy to 17.7%, led by higher
other expenses. Adjusted net profit for the quarter is expected to decline by 2.2%
yoy. At the CMP, the stock is trading at 11.9x FY2012E and 8.7x FY2013E
earnings, respectively. We maintain our Buy recommendation on the stock with a
target price of `358.
Vijaya Bank
Vijaya Bank is scheduled to announce its 2QFY2012 results. The bank’s net
interest income is expected to decline by 10.9% yoy (up 2.6% qoq) to `434cr.
Other income is expected to increase moderately by 2.0% yoy to `120cr.
Operating expenses are expected to increase by 4.4% yoy (up 21.3% qoq) to
`323cr, while pre-provision profit is expected to decline by 21.7% yoy and 28.9%
qoq to `232cr. The bank has already switched over all its accounts to systembased
NPA recognition and, hence, we expect a sequential 54.1% decline (up
4.6% yoy) in provisioning expenses to `106cr. Net profit is expected to decline
substantially by 34.9% yoy (up by strong 30.1% qoq) to `94cr. At the CMP, the
stock is trading at 0.8x FY2013E P/ABV. We recommend a Neutral rating on the
stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Jammu and Kashmir Bank
Jammu and Kashmir Bank is scheduled to announce its 2QFY2012 results. We
expect the bank to report net interest income growth of 14.2% yoy to `426cr. Noninterest
income is expected to be flat at `75cr. Cost-to-income ratio is expected to
be at 39.3% compared to 37.3% in 1QFY2012 and 36.4% in 2QFY2011. The
bank has already converted all its accounts to system-based NPA recognition and,
hence, we expect only a 7.2% yoy rise in provisioning expenses (decline of 6.4%
qoq) to `42cr. Net profit is expected to increase by 8.5% on a yoy basis to `177cr.
At the CMP, the stock is trading at valuations of 0.9x FY2013E P/ABV. We
maintain our Neutral rating on the stock.
IPCA Labs
For 2QFY2012, we estimate IPCA Labs’ top line to grow by 23.6% to `530cr.
OPM for the quarter is expected to decline by 580bp yoy to 17.7%, led by higher
other expenses. Adjusted net profit for the quarter is expected to decline by 2.2%
yoy. At the CMP, the stock is trading at 11.9x FY2012E and 8.7x FY2013E
earnings, respectively. We maintain our Buy recommendation on the stock with a
target price of `358.
Vijaya Bank
Vijaya Bank is scheduled to announce its 2QFY2012 results. The bank’s net
interest income is expected to decline by 10.9% yoy (up 2.6% qoq) to `434cr.
Other income is expected to increase moderately by 2.0% yoy to `120cr.
Operating expenses are expected to increase by 4.4% yoy (up 21.3% qoq) to
`323cr, while pre-provision profit is expected to decline by 21.7% yoy and 28.9%
qoq to `232cr. The bank has already switched over all its accounts to systembased
NPA recognition and, hence, we expect a sequential 54.1% decline (up
4.6% yoy) in provisioning expenses to `106cr. Net profit is expected to decline
substantially by 34.9% yoy (up by strong 30.1% qoq) to `94cr. At the CMP, the
stock is trading at 0.8x FY2013E P/ABV. We recommend a Neutral rating on the
stock.
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