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Syndicate Bank Limited
Investment Profile: Aggressive Horizon: 1-1.5 Yrs
Business Summary Syndicate Bank Limited (SBL) is a Karnataka based public sector bank that has a strong presence in the rural and semi urban locations of the country. SBL seeks to position itself as “A Small Man‟s Big Bank”.
Investment Rationale SBL has quite a strong branch network of 2494 branches but what needs to be emphasized is that a majority of these branches are in the Semi-urban and rural territories of the country-territories where new generation banks lack a presence and where competition is less prevalent. SBL is well positioned to develop a loyal customer base. At the end of FY11, SBL‟s branch network included 80 rural branches and 2494 semi-urban branches. The SBL stock is quite remunerative from a dividend perspective with a dividend yield of around 3.5%. We have employed a weighted average valuation approach of determining our share target price of Rs.128. We have assigned 40% weights to our DCF and PBV targets with a 20% weight for the PE target. Our buying level of
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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Syndicate Bank Limited
Investment Profile: Aggressive Horizon: 1-1.5 Yrs
Business Summary Syndicate Bank Limited (SBL) is a Karnataka based public sector bank that has a strong presence in the rural and semi urban locations of the country. SBL seeks to position itself as “A Small Man‟s Big Bank”.
Investment Rationale SBL has quite a strong branch network of 2494 branches but what needs to be emphasized is that a majority of these branches are in the Semi-urban and rural territories of the country-territories where new generation banks lack a presence and where competition is less prevalent. SBL is well positioned to develop a loyal customer base. At the end of FY11, SBL‟s branch network included 80 rural branches and 2494 semi-urban branches. The SBL stock is quite remunerative from a dividend perspective with a dividend yield of around 3.5%. We have employed a weighted average valuation approach of determining our share target price of Rs.128. We have assigned 40% weights to our DCF and PBV targets with a 20% weight for the PE target. Our buying level of
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